Majlis

Iran: Electronic distribution of subsidized currency approved

Financial Tribune – In a highly anticipated parliamentary decision on Saturday, lawmakers ratified an amendment to the next year’s (March 2019-20) budget bill which obliges government to allocate $14 billion subsidized foreign exchange in the form of “electronic coupon.”

As per the amendment, the government is obliged to allocate $14 billion from its oil export revenue to support the livelihood of people and fund the production sector, the parliamentary news website ICANA reported.

Funds should be allocated for importing essential goods, pharmaceuticals, medical equipment and grains either on the basis of subsidized rates or Nima rates.

In the latter, goods are imported based on rates determined by Nima system and the difference between Nima rate and official subsidized rate will be spent to help promote people’s livelihood and support manufactures.