CBI governor, private sector representatives discuss forex issues

September 14, 2020 - 11:12

TEHRAN – The governor of the Central Bank of Iran (CBI) held a meeting with the board of directors of the Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) to discuss issues related to the reinjection of the private sector’s foreign currency incomes into the economy.

As reported by the ICCIMA portal, in the meeting, the two sides agreed on four major axes about the process of re-injecting export revenues into the country’s domestic Forex Management Integrated System (locally known as NIMA).

As the first part of the agreement, it was decided that representatives of the private sector, government organizations, and the central bank would hold weekly meetings on various export sectors to review the problems of each area.

Secondly, the two sides decided to adjust the base export value for various sectors based on an agreement between the CBI, ICCIMA, and the Islamic Republic of Iran Customs Administration (IRICA).

In the third case, special arrangements were made for the return of foreign exchange earned from agricultural exports, and finally, they agreed that special conditions should be considered for exports to countries in the region, such as Iraq and Afghanistan, with which the trade exchange is not in U.S. dollars.

Speaking in the meeting, the ICCIMA Head Gholam-Hossein Shafeie said that committed exporters have no reason not to meet their commitments for returning their export revenues into the country’s economic cycle.

“Mutual understanding of the problems of the central bank and exporters by the two sides is essential to overcome the difficult situation in the country, and holding such meetings will help increase this convergence,” Shafeie said.

The CBI Governor Abdolnaser Hemmati for his part expressed appreciation for the ICCIMA performance in following up on the return of export revenues.

Hemmati stressed that the Central Bank has it on the agenda to interact more with exporters and will not hesitate to cooperate with them in order to facilitate the return of their export incomes.

EF/MA

Photo: CBI Governor Abdolnaser Hemmati (c) and ICCIMA Head Gholam-Hossein Shafeie (R) attend a meeting to discuss forex issues.

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