‘Exporters re-inject 60% of their foreign currency earnings into economy’

May 17, 2019

TEHRAN- The governor of the Central Bank of Iran (CBI) said so far the country’s exporters have re-injected 60 percent of their total exports revenues in the form of foreign currency into the country’s financial system, IRNA reported on Friday.

In an Instagram post, the official emphasized the importance of non-oil exports, saying “Non-oil exports play an important role in improving production, employment and, in particular, the stability of the foreign currency exchange market and the strengthening of the value of the national currency.”

Hemmati noted that last year some $18.7 billion of foreign currency was returned into the country’s financial system by the exporters.

Iran provides foreign currency for the country’s exporters with significantly low exchange rates and the exporters are obliged to return the equivalent of the supplied fund in the form of foreign currency.

In early May, Hemmati had said that CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy by monitoring and controlling the foreign currency market.

Maintaining and strengthening the relative stability of the foreign currency exchange market by strengthening and improvement of the performance of Iran’s domestic Forex Management Integrated System (locally known as NIMA), setting foreign currency exchange policies to support non-oil and oil exports and providing liquidity and working capital to maintain and boost domestic production and finally establishing a financial mechanism with neighboring countries were some of the plans which Hemmati said the CBI is going to follow.

EF/MA

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