MNA – “As of the beginning of the present Iranian year (March 21), about $18.7 billion of foreign exchange revenues earned via non-oil exports have been returned to the country’s economy cycle,” the Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati announced on Tuesday.
“In its today circulation letter, the CBI has announced its forex policies towards Iranian exporters,” he said,
“CBI expects major petrochemical companies, as non-oil exporters, to inject up to 60 percent of their exports revenues back to the cycle via Iran’s domestic Forex Management Integrated System (locally known as NIMA),” Hemmati added.
“Other non-oil exporters are required to send 50 percent of their revenues to NIMA,” he continued.
Asking Iranians not to start trading foreign currencies under the present conditions, Hemmati assured them that there are enough forex reservoirs in the country and that CBI can meddle with the domestic market whenever feels necessary.
Underscoring that forex market in Iran is influenced by political issues, he asked people not to enter the foreign exchange deals despite the recent decline of the rates in a bid to prevent any losses.
Hemmati has announced several times that the illusion about any instability or inflation in domestic foreign exchange market, which was constantly spoken of, is broken by CBI management.
Since domestic resources are consumed to supply production of the exported goods, all the exporters are required to return their exports revenues to domestic economic cycle otherwise they cannot enjoy tax exemptions.
Considering the US’s re-imposition of sanctions on Iran’s oil industry, non-oil exports could be the key for the development of the country’s economy in the current situation.
As previously announced, CBI has unveiled a decree containing a list of new incentives for the country’s exporters that re-inject their earned foreign currency to NIMA. Based on the announcement, those exporters who return more than 60 percent of their earned currency to the country’s economic cycle in accordance with previous decrees, in addition to the listed incentives, they will become CBI’s priority for allocation and supply of foreign exchange [in case they need it].