How can Iran ensure inflow of foreign currencies into economy?

Business Materials 14 January 2019 16:49 (UTC +04:00)

Tehran, Iran, Jan.14


Iran should divest the condensate sector and petrochemicals from other sectors when it comes to the issue of non-oil exports in order to ensure inflow of foreign currencies into economy, said Ali Shariati, a member of Iran Chamber of Commerce, Industries, Mines and Agriculture, Trend reports citing ILNA.

"We have repeatedly suggested that the government separates the condensate and petrochemical sector from the other sectors, when it comes to statistics of the non-oil exports. So everyone knows what groups refuse to bring their export currencies into country," Shariati explained.

Referring to the Central Bank's warning to the exporters who had returned less than 50 percent of their export currencies into the country, Shariati said the exporters fit into two categories: a group which has less than $1 million revenue per year, which are exempted by the government from returning their currencies, and the second group, which is the government's main problem, but everyone knows it is the petrochemical sector.

"For the first group, we are in favor of supporting small exporters, but about the second group, if they do not bring their currency into the country, they cannot cover their working capital,” Shariati said.

“Now, our biggest export is in the food industry. An exporter must bring his money into the country to buy cans, tetra packs, or packaging products to get re-exports,” he said.