Iran allocates $500 million to support exports, state banks

TEHRAN, Nov. 14 (MNA) -- Iranian government has approved $500 million to be allocated to boost assets of state banks and the Export Guarantee Fund. According to law, one billion dollars out of exporting oil and gas condensates should be allocated to pay facilities to exporters and increase assets of state banks. In October, First-Vice President Mohammad-Reza Rahimi announced that the country plans to surge non-oil exports to a new record of 45 billion dollars by the end of the current Iranian calendar year (March 20, 2012).