NEWS
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 

Comments:

Leave a Comment:

   
   
   
 

$41b of annual non-oil exports atop agenda: industry min.

Iran’s Acting Industry, Mining, and Trade Minister Hossein Modares Khiabani said the ministry has it on the agenda to export $41 billion worth of non-oil commodities in the current Iranian calendar year (March 2020-March 2021).
 

Forex at 20-Month High in Tehran Market

Major currencies on Thursday hit the highest rates since September 2018 with the dollar traded at 180,000 rials in Tehran’s open market.
 

Nearly $420m of facilities allocated to production units in 2 months

Iranian Industry, Mining, and Trade Ministry announced that a total of 17.6 trillion rials (about $419.04 million) of facilities have been allocated to support 465 production units in the first two months of the current Iranian calendar year (March 20-May 20).
 

Annual non-oil GDP growth at -0.6%: SCI

Iran's gross domestic product (GDP) excluding the oil fell 0.6 percent in the previous Iranian calendar year 1398 (ended on March 19), according to Statistical Center of Iran (SCI).
 

ICCIMA calls government’s coronavirus support package ‘inefficient’

Members of the industry committee of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), in a meeting, criticized the inefficiency of the government’s support packages against the impacts of the coronavirus outbreak.
 

Non-oil exports to neighbors can be doubled in 2 years: TPO head

The head of Iran’s Trade Promotion Organization (TPO) says the country is capable of doubling non-oil exports to its neighbors in two years.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners