ECONOMY   Banks   Customs  

Over $3b allocated to supply basic goods in 2 months

Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati said the bank has managed to supply over $3 billion foreign currency for importing basic goods in the first two months of the current Iranian calendar year (March 20-April 19).

In the first two months, we had a big drop in non-oil exports, but fortunately [non-oil] exports were revived and the return of foreign currency to NIMA [Iran's domestic Forex Management Integrated System] has accelerated,” Hemmati said.

"As we move forward, a balance will be reached in providing foreign currency for the imports of basic and essential goods, especially raw materials for factories, and this issue will be seriously pursued," he said.

Hemmati noted that like the previous year, the government is going to provide basic goods and raw materials in the current year too, despite the sanctions pressure against the country.

"We have taken important steps to control and reform the banking system, and recent important decisions regarding the bank mergers and interest rates have been the result of disciplinary actions taken by CBI,” he said.

NIMA has been established for exporters to re-inject their earned foreign currency to the domestic forex market. That means it allows exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

In late May 2019, CBI unveiled a directive package that provided the country’s exporters with guidelines about how they should re-inject their foreign currency incomes 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 into NIMA, 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.

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.

News No: 9611
Date: 2020/05/29 - 23:47
News Source: TehranTimes

raw materials  Abdolnaser Hemmati  Central Bank of Iran  non-oil export 


Leave a Comment:


Next year’s budget bill allocates €200m to pressurized irrigation, watershed management

The national budget bill for the next Iranian calendar year 1400, which starts on March 21, 2021, has allocated €200 million to the implementation of pressurized irrigation and watershed management projects.

15% increase in non-oil exports on agenda for H2

Head of Iran’s Trade Promotion Organization (TPO) said the government is planning to boost the country’s non-oil exports by 15 percent in the second half of the current Iranian calendar year (ends on March 20, 2021).

Housing price in Tehran rises 10% in a month

Housing price in Tehran city has risen 10 percent in the seventh Iranian calendar month (September 22-October 21), from its previous month, according to the latest report released by the Central Bank of Iran (CBI).

CBI governor calls controlling inflation 'a major priority'

The Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati stressed controlling inflation as a major priority of the bank in the current economic condition, IRIB reported.

Over $5b supplied for import of basic goods in 6 months

Central Bank of Iran (CBI) has managed to supply $5.267 billion for importing basic commodities in the first six months of the current Iranian calendar year (began on March 20), IRIB reported.

Housing price in Tehran rises 5.1% in a month

Housing price in Tehran city has risen 5.1 percent in the sixth Iranian calendar month (August 22-September 21), from its previous month, according to the latest report released by the Central Bank of Iran (CBI).
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners