The Iranian army says it conducted a successful test of a long-range ballistic missile with a 2,000-kilometer (1,240-mile) range, according to Iran’s official Tasnim News Agency.

Iranian Armed Forces Brigadier General Ali Abdollahi touted the “high-precision” missile as capable of carrying out pinpoint strikes within a radius of eight meters from the target.

“Two weeks ago, we test-fired a missile with a range of 2000 kilometers and a margin of error of eight meters,” Abdollahi told participants at a “scientific conference” in Tehran on Monday, according to Tasnim. “We can guide this ballistic missile.”

He claimed that the army had allocated 10% of its entire budget to bolstering the Islamic Republic’s defensive capabilities.

The name of the new missile is still under wraps, however.

If confirmed, this would be the latest Iranian ballistic missile capable of reaching Israel, as well as most other countries in the region.

Iran continues to conduct live tests of its ballistic missiles – some of which are capable of reaching as far as Europe – in defiance of international sanctions against the regime in Tehran.

After the last such test in March, Israeli Prime Minister Binyamin Netanyahu blasted world powers for their inaction, warning it would only embolden the Iranian regime further.