Over $35b supplied for import of basic goods since last March

February 18, 2020 - 15:50

TEHRAN- Despite the U.S. sanctions and their most pressures on Iranian economy Iran has managed to supply $35.5 billion for importing basic commodities in the current Iranian calendar year (began on March 21, 2019), Central Bank of Iran (CBI)’s governor informed on Tuesday.

The official said that of the mentioned figure, about $14 billion has been for importing some more essential goods such as medicine, medical equipment and livestock food, and there is an abundant supply of such products in the country, IRIB reported.

In last December, Industry, Mining and Trade Minister Reza Rahmani had announced that the basic goods that the country needs in the current Iranian calendar year and also in the next year have been reserved.

The minister said the government and private sector’s warehouses are already filled up with the basic commodities and there is no concern in this due.

Also, the deputy finance and economic affairs minister has announced that the government has provisioned $14 billion of official-rate foreign currency in the next Iranian calendar year (March 2020-March 2021)’s budget bill for imports of basic goods.

Importers of rice, barley, corn, edible oils, oilseeds, and livestock feed, as well as medicines and a few other items are going to receive the government support, according to Mohammad-Ali Dehqan Dehnavi.

“The government has identified these goods as the basic needs of the people and has decided to keep the prices of such items low in the market, so $14 billion of foreign currency with official rate will be provided to the importers of these commodities next year,” Dehnavi said.

Meanwhile, in a new directive in January, Islamic Republic of Iran Customs Administration (IRICA) obliged the customs departments throughout the country to take necessary measures (mentioned in the new instruction) for facilitation of the clearance of basic goods.

As the sanctions may make the country face shortage of basic goods, the government and IRICA have taken various measures to avoid such condition.

One major action is facilitating condition for the importers of the basic commodities, for example providing them with required foreign currency through NIMA (Iran’s Forex Management Integrated System).

In August, 2019, Finance and Economic Affairs Minister Farhad Dejpasand, in a directive addressing the IRICA head, obliged the customs administration to take measures for facilitating customs processes.

Meanwhile, following a previous directive by President Hassan Rouhani, IRICA has been providing new facilities for importers of basic goods which makes them able to clear their commodities in less than an hour.