Industry ministry unveils directive on re-injection of export income

June 21, 2019

TEHRAN – Following the Central Bank of Iran (CBI), the ministry of industry, mining and trade has issued a directive package which provides the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy, IRNA reported on Thursday.

Based on the new directive, for the petrochemical sector, the exporters should present at least 60 percent of their foreign currency incomes into the domestic Forex Management Integrated System (locally known as NIMA), and a maximum 10 percent could be injected into the financial system in the form of hard currency and the rest could be used for importing necessary goods.

As for other exporters, at least 50 percent of the total earnings should be presented at the NIMA system and a maximum 20 percent could be distributed in form of hard currency and the rest can be used for imports.

In early May, the CBI Governor Abdolnaser Hemmati said that 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.

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.

EF/MA

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