Iran discloses value of exports from Tehran Province
BAKU, Azerbaijan, October 23
By Elnur Baghishov – Trend:
About $407 million worth of goods were exported from the Tehran Province (northern Iran) during the first six months of the current Iranian year (March 20-September 21, 2020), Chairman of Industry, Mine and Trade Organization of Tehran Province, Houshang Rezaei Somarin said, Trend reports citing the organization.
According to the chairman, Tehran Province's goods were mainly exported to Iraq, Turkey, the UAE, Afghanistan and Pakistan.
He added that the industry sector accounted for 60 percent of Tehran Province's total exports, mining sector – 18 percent, petrochemical sector – 15 percent, agriculture sector – 5 percent, carpet sector – 2 percent.
Rezaei Somarin stressed the exporters of Tehran Province exported goods worth $3.62 million through other Iranian customs.
The chairman noted that as many as 1,500 exporters’ commercial cards have been canceled over 6 months. The main reason for cancellation of trading cards is because the exporters did not fulfill their obligation on time to sell part of the export earnings at the NIMA rate.
The Central Bank of Iran (CBI) has created a NIMA system in 2018 for exporters to sell a portion of their export earnings to banks to eliminate the shortage of foreign currency in the country for various reasons (sanctions, economic situation, etc.). In this system, exporters who earned more than 1 million euros from export a year must sell a portion of their export earnings to banks at the NIMA rate. Later, banks used to sell foreign currency to importers for the import of several products at this rate.
The Central Bank of Iran has not imposed the rules on exporters that earned from export less than 1 million euros a year.
Those with total exports of one to three million euros per year are required to offer 50 percent of their received foreign exchange from the government through the NIMA system.
The exporters with annual exports of three to 10 million euros are obliged to offer 70 percent.
Those with exports of above 10 million euros per year must offer 90 percent of the received foreign exchange at NIMA.