Iran’s Central Bank reveals rules on export revenue return

Business Materials 20 November 2018 19:40 (UTC +04:00)

Baku, Azerbaijan, Nov. 20

By Elnur Baghishov - Trend:

The Central Bank of Iran (CBI) issued the instructions on return details of the hard currency earned by exporters back to the domestic financial system, Iranian media reported.

The instructions, which aim to lead the export revenues from the non-oil exports back into the country’s economy through the Forex Management Integrated System (NIMA), mandate all the exporters of goods and services to guarantee bringing back to the country the foreign exchange amount allocated to them by the government at lower prices than the free market.

The exporters with the total of one million euros of exports per year are exempted from offering their income at NIMA.

Those with total exports of one to three million euros per year are required to offer 50 percent of their received foreign exchange from the government at NIMA.

The exporters with annual exports of three to 10 million euros are obliged to offer 70 percent.

Those with exports of above 10 million euros per year must offer 90 percent of the received foreign exchange at NIMA.

According to the estimations, some $47 billion of hard currency will be injected back to domestic financial system via exports by the end of the present Iranian calendar year (March 20, 2019).