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Iran allows raw material imports up to $300M without foreign currency transfers

Business Materials 23 January 2019 10:23 (UTC +04:00)

Tehran, Iran, Jan.23

Trend:

Iran has eased the process of importing raw material for domestic producers, by allowing order registrations without foreign currency procedures.

Iran's Deputy Minister of Industry, Mine and Trade Farshad Moghimi has announced that registering orders for raw material, spare parts imports and other necessary items for domestic production for up to $300 million is allowed without transferring foreign currency, by the end of next year (March 20,2020), Trend reports citing IRNA.

He went on to say that the imports without foreign currency transfer are provided outside Iran's banking system.

The imports without foreign currency transfer is for the goods that are not the government's priority and usually certain amount of these goods are allowed without foreign currency transfers, said Moghimi.

The method of imports without foreign currency transfer, include payment for the goods that is outside letter of credit and is paid via the payment order or from other sources.

"To facilitate the production, the order has been issued to allow easier raw material and parts imports, after importers declare the source of foreign currency that is used for importing goods to the Central Bank of Iran," he said.

The order would ease the producer's problem in importing raw material and necessary items for production, the official said.

"The decision would eliminate bureaucracy and providing raw material in shorter time," Moghimi added.

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