TEHRAN, Iran, July 13
Trend:
Iran's petrochemical companies have brought back their foreign currency revenues back to the country, said Managing Directed Iran's Association of Petrochemical Industry Corporation (APIC) Ahmad Mahdavi Abhari, Trend reports citing IRNA.
He added that some 40 percent of Iran's NIMA system's currency supply accounted for the share of the petrochemical companies, for the period from March 20 to July 5.
"The Central Bank of Iran statistics indicate that petrochemical industry's commitment in returning foreign currency revenues was more than what was expected," said Abhari.
"Some of the petrochemical products that were being traded via the stock exchange, got exported. Demands for petrochemical products at the stock exchange have grown due to increase of foreign currency rate in recent days," he said.
"The price of petrochemical products are low, and this made them attractive for the stock exchange trade," said Abhari.
"Some predict the global prices of petrochemical products would increase in the future, so people are purchasing these products at the stock exchange now so that they could sell them for higher prices in the future," he said.
The Managing Director of the National Iranian Petrochemical Company has previously stated that petrochemical companies have returned $10 billion worth of revenues to the NIMA system in the last Iranian year (started March 21,2019).