Iran: Mineral exporters told to respect currency repatriation regulations

Financial Tribune – The Ministry of Industries has conditioned the granting of permission for export of minerals to exporting companies’ commitments to repatriate overseas earnings.

In a directive to guilds, deputy minister for mining Industries, Jafar Sargheini announced that granting export permit as of December 22 will be contingent upon exporters’ submitting documents showing they would meet their forex repatriation commitments.

The directive specifically addresses CEOs of giant metal companies such as National Iranian Copper Industry Company, Iranian Aluminium Company and Almahdi Aluminum Company.