Which measures should Iran take to improve NIMA system?

Business Materials 9 March 2019 10:02 (UTC +04:00)

Tehran, Iran, March 9


Iran Minister of Economy and Finance has recently announced the return of $8 billion foreign currency revenues from non-oil exports to NIMA system during the meeting between private sector officials and government, while $6.5 billion of this amount accounted for petrochemical and steel products.

It was noted that exporters receive incentives for returning hard currency revenues, but it seems they are unwilling to return the revenues to NIMA system.

A Member of Parliament's industrial committee Hamideh Zarabadi discussed the issue in an interview with Trend.

"I believe the law that obligates all exporters to return foreign currency revenues to NIMA system is wrong, because not everyone works in the same way. Money from oil sale can not be returned to the country. Many exporters receive their raw material for their products directly from abroad instead of exchanging money. Therefore, how can they register something that is not there? ", she added.

There have been meetings with exporters about this issue and they said that their past export transaction with Afghanistan and Iraq was based on rial, something that is not considered in the exports revenue law, she said.

Instead of a fixed method for all, there should be created specific groups to supervise their activities in order to improve the situation, noted the MP. In this case, exporters will have to evaluate their position and banking accounts accordingly.