CBI issues instructions on exports revenues return

November 19, 2018

TEHRAN- The Central Bank of Iran (CBI) issued the instructions on return details of the hard currency earned by exporters back to the domestic financial system, IRNA reported on Monday.

The instructions, which aim to lead the export revenues from the non-oil exports back into the country’s economy through the domestic Forex Management Integrated System (locally known as NIMA), mandate all the exporters of goods and services to guarantee bringing back to the country the foreign exchange amount allocated to them by the government at lower prices than the free market.

“CBI is in charge of providing foreign exchange merely for the imports of goods and services by those exporters who have designated the method of re-injecting their export revenues to domestic financial system,” the instructions said.

Exporters with the total of one million euros of exports per year, are exempted from offering their income at NIMA.

Those with total exports of one to three million euros per year are required to offer 50 percent of their received foreign exchange from the government at NIMA.

Exporters with annual exports of three to ten million euros are obliged to offer 70 percent and those with exports of above 10 million euros per annum must offer 90 percent of the received foreign exchange at NIMA.

According to the estimations, some $47 billion of hard currency will be injected back to domestic financial system via exports by the end of the present Iranian calendar year (March 20, 2019), the governor of CBI announced on social media on November 17.

HJ/MA

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