US sanctions significantly affecting Iranian exports and imports: official

Business Materials 29 March 2019 18:12 (UTC +04:00)

Tehran, Iran, March 29


US sanctions are significantly affecting Iranian market, including its exports and imports, said Member of Iranian Chamber of Commerce Abbas Argon.

He talked about the factors that can affect Iran's capital market in new Iranian year (started March.29), Trend reports citing ILNA.

"Various factors, including foreign exchange rate, loan interest rate of banks, sanctions, will affect the market. The major factor here are the sanctions that will have an impact on imports and exports, as well as thr foreign exchange rate," he added.

Argon noted that at the same time, domestic factors, such as lack of cooperation in different economic sectors, sudden decisions are a kind of self-sanction.

Referring to foreign exchange policy, he said it should be noted that the continuation of exports depends on return of foreign currency revenues to purchase raw material for production and without return of foreign currency, the production and exports will not continue.

"Exporters should not be blamed for this, since there are important factors such as sanctions and foreign currency return timeline," Argon added.

The foreign exchange policy of the Central Bank of Iran (CBI) envisages return of the hard currency earned by exporters to the domestic financial NIMA system.