€11.5 billion worth of export revenues returned to Iran

Business Materials 2 April 2019 17:12 (UTC +04:00)

Tehran, Iran, April 2


Around €11.5 billion worth of foreign currency from exports, has been returned to Iran's economic cycle during the past 8 months of the past Iranian year (started March 21, 2018).

Meanwhile, during the first two weeks of the current Iranian year (started March 21, 2019) €200 million worth of revenues from exports have returned to Iran's Integrated System for Hard Currency Transactions (NIMA), Trend reports citing the Monetary and Banking Research Institute of Iran.

In the last three weeks of the past year more than €2 billion worth of export revenues have been injected into the secondary market for foreign exchange in Iran.

It seems the foreign exchange policy of the Central Bank of Iran and punitive taxes have led to exporters returning their foreign currency revenues to the NIMA system, in the last weeks of the past year.