TEHRAN, Iran, April. 5
Trend:
Head of Commercial Services Department at Iran`s Trade Promotion Organization (TPO) Ehsan Ghamari has announced the return of 42.7 billion Euros of export revenues, earned between April 2019 through the end of February 2021, Trend reports via ILNA.
Considering the return of 42.7 billion Euros of export earnings, he said that 70 percent of the foreign exchange obligations of exporters have been fulfilled.”
In the near absence of foreign currency revenues from oil exports, Iran’s access to foreign currency relies heavily on money repatriated from other exports.
In late May 2019, the Central Bank of Iran unveiled a directive package that provided the country’s exporters with guidelines about how they should re-inject their foreign currency income into the country’s economy.
Based on the new directive for the petrochemical sector, the exporters should present at least 60 percent of their foreign currency incomes to the NIMA system, and a maximum 10 percent could be injected into the financial system in the form of hard currency and the rest could be used for importing necessary goods.
As for other exporters, at least 50 percent of the total earnings should be presented to the NIMA system and a maximum of 20 percent could be distributed in form of hard currency and the rest can be used for imports.
The instructions aimed to lead the export revenues from the non-oil exports back into the country’s economy through NIMA, mandate all the exporters of goods and services to guarantee to bring back to the country the foreign currency amount allocated to them by the government at lower prices than the free market.
