TEHRAN – Iran’s central bank announced that more than $6.5 billion in foreign currency has been allocated to import goods and services since the beginning of the current Iranian year (starting March 20), as total commercial forex market transactions surpassed $3.9 billion.

According to the Central Bank of Iran (CBI), from the start of the year through May 12, a total of $6.586 billion was provided for imports. This included $1.788 billion for essential goods and medicine, $4.593 billion for commercial and industrial products, and $205 million for services.

Of the essential imports, the CBI allocated $1.481 billion for agricultural and food commodities and $307 million for pharmaceuticals, raw materials, and medical equipment. These were provided at a subsidized exchange rate of 28,500 tomans per U.S. dollar to ensure affordability for consumers.

CBI Governor Mohammadreza Farzin, speaking on May 6, outlined upcoming initiatives by the Iran Foreign Exchange and Gold Center, including launching new markets such as a personalized currency exchange for small exporters, futures and forward currency trading, and a decentralized services exchange.

Farzin said the aim is to further separate trade and currency policies while boosting non-oil exports and meeting demand in areas such as travel currency through the creation of dedicated retail forex markets.

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