Hamid Bord, the caretaker of the Ministry of Oil, in his recent press conference, elaborated on the duties of the Ministry of Oil regarding trusts and the repatriation of foreign currency from oil exports. He explained that the topic of "trust" is different from "trader" and stated that trusts are actually related to banking activities, and for this reason, this topic does not fall within the responsibilities of the Ministry of Oil.
Fundamental Differences Between Trusts and Traders
Bord emphasized that trusts act as banking entities, and their main duty is to transfer money and conduct financial transactions. While traders are usually engaged in the buying and selling of goods and services, the Ministry of Oil's duty is solely the sale of oil and meeting domestic and foreign needs.
Separation of the Ministry of Oil from Banking Duties
The caretaker of the Ministry of Oil pointed out that the Ministry of Oil has generally separated itself from banking duties and issues related to trusts, emphasizing the ministry's focus on the oil sales sector. Bord stated: "The issue of bank money transfer and related activities has been entrusted to the Central Bank and the country's banking system, and we do not interfere in this area."
Bord's statements reflect the Ministry of Oil's efforts to focus on its core duties and reduce the burden of unrelated responsibilities. This approach could help improve efficiency and effectiveness in the oil sales sector and enable the Ministry of Oil to respond more effectively to economic challenges and market needs.
Given the current economic conditions and the need for the repatriation of foreign currency from oil exports, the Ministry of Oil is striving to help improve the country's economic situation by focusing on its core duties. This approach could strengthen the position of the Ministry of Oil in the oil sales arena and meet domestic needs.
