CBI drafting new foreign currency directive for exports

November 10, 2018

TEHRAN – Central Bank of Iran (CBI) will soon unveil a directive drafted to help injecting the foreign currency earned from non-oil exports into the country’s economic cycle, Mehr news agency reported quoting CBI’s governor as saying.

According to Abdolnaser Hemmati, the details regarding the new directive which aims to lead the revenues from the non-oil exports back into the country’s economy through the domestic Forex Management Integrated System [locally known as NIMA] will be announced soon.

During the first seven months of the current Iranian calendar year (March 21–October 22, 2018), $31 billion was allocated for importing goods and services into the country, of which less than $7 billion was supplied from the non-oil export revenues.

“Over $23 billion of the needed foreign currency for imports was provided by CBI.” The official said.

Iran exported $27 billion worth of non-oil commodities in the mentioned time span, up over 13 percent compared to the same period last year.

Considering the U.S.’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.

EF/MA

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