Export foreign currency returning to Iran

Business Materials 28 January 2020 09:21 (UTC +04:00)
Export foreign currency returning to Iran

TEHRAN, Iran, Jan.28


Iran's export foreign currency revenue return was $20 billion that include two third of revenues from export, said Minister of Industry, Mine and Trade.

"The production in past ten months of current Iranian year (started March 21, 2019) had considerable growth," said Reza Rahmani, Trend reports citing IRNA.

The Central Bank of Iran(CBI) policy to create balance in foreign currency market has obligated country’s exporters to return their foreign currency revenues into NIMA system (Iran's Forex Management Integrated System) and the country’s economy.

"The production of clothing sector increased 20 percent, while food industries and medicine increased 15 and 31 percent," Rahmani said.

"Production of steel products in past nine months have increase 6 percent comparing to last Iranian year (started March 21, 2018) while production of raw steel had 6.5 percent growth," the minister said.

"Production of vegetable oil in current Iranian year increased 9 percent, and cement had 11 percent growth," Rahman added.

"Despite re-impose of sanction against graphite electrode, Iran steel sector has reached self-sufficiency and is ready to operate graphite electrode montage production line," he said.

"The country has increased domestic production of heavy tires from 30 to 55 percent, while it plans to construct 4 production units that would create surplus production," said the minister.