Iran’s CB catalogs forex given for imports

Financial Tribune – Soon after a call by President Hassan Rouhani, the Central Bank of Iran has published a report on its website that sheds light on the amount of subsidized currency allocated for importing essential goods and machinery in the first five months (March 21-August 22, 2018) of the last fiscal year.

The report explains the extent to which companies fulfilled their financial commitments and used the forex for the stated purposes, i.e. importing essential goods, namely food, medicine and medical equipment.

Each subsidized US dollar was given to importers for 42,000 rials. The greenback sells for 114,000 rials in the open market.

According to the CBI, a total of $19.3 billion in subsidized currency was given to agent banks for imports registered by and via the three ministries: agriculture, health and industries.