Iran Gov’t reviving ‘Import Without Forex’ policy

Financial Tribune – Following reports that the Central Bank of Iran has allowed companies to import goods “without transferring foreign currency”, the CBI outlined conditions for doing so.

The so-called import without forex allocation refers to a method of import where companies can use their own foreign currency, in or outside the country, for imports.

In a notice on its website, the CBI said it welcomes the method on the condition that importers determine the origin of their foreign currency holdings.

According to media reports, the same method was common in the recent past for importing goods for which the government was unable or unwilling to open letter of credit.