CBI to facilitate private sector’s foreign trade

January 14, 2020 - 14:34

TEHRAN – The governor of the Central Bank of Iran (CBI) says the bank is going to take necessary measures in order to facilitate the private sector’s foreign trade, IRIB reported.

“To facilitate the private sector’s trade with other countries, we try to consider a fund or intermediary channel for cash settlements. This could increase the volume of foreign trade significantly,” Abdolnasser Hemmati said in a meeting with the heads of the country’s joint chambers of commerce on Monday.

Stressing the important role of the private sector in the country’s foreign trade, the official said, “A big part of the country’s exports is being done by the private companies.”

He put the country’s current non-oil exports at about $40 billion, adding that the same amount is also being imported into the country.

According to the official, in the mentioned meeting, foreign trade issues and opportunities were discussed and countries with which Iran has more trade were prioritized for resolving problems.

“The central bank is also going to follow up on the issues in the currency sector,” Hemmati said.

He further mentioned the U.S. sanctions on the country, saying, “As long as the U.S. continues the cruel sanctions, we will find new ways of doing business.”
"The private sector is ready to play its important role in thwarting the impact of the sanctions and meeting the country's imports and currency needs, and the central bank thanks them”, Hemmati stated.

According to the official, the bank is fully controlling the foreign currency market and sudden shocks are not going to create turbulence in the market.

He said that despite the continued pressure from U.S. sanctions, the country's non-oil exports continue to rise and the Forex Management Integrated System, locally known as NIMA, is supplying the importers with their required foreign currency.


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