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Iran Central Bank encourages exporters to sell currency to banks

Finance Materials 28 November 2018 18:20

Tehran, Iran, Nov. 28

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The Central Bank of Iran (CBI) has indulged exporters to sell their foreign currency revenues to banks and official exchange offices to avoid the currency abuse by the illicit dealers that have affected the market.

According to a CBI announcement, exporters can trade their currency in the form of bank notes or wire transfer to prevent the exploitation by currency dealers, ISNA reported.

The banks and exchange offices are required to register the amount of purchased currency from exporters into Iranian currency monitoring system SANA to indicate the total revenue return.

Iran's foreign currency market has witnessed a drop in the rates during past weeks. The Iranian national currency (rial) rebounded recently due to CBI interventions in foreign currency rates.

CBI has recently announced the process of returning currency from exports revenues, where exporters are required to return the foreign currency into the Integrated System for Hard Currency Transactions (NIMA) and the CBI is bound to provide currency for import of goods and services to exporters to improve the process of returning currency into the economy.

Earlier, the Central Bank of Iran has issued the instructions on return details of the foreign currency earned by exporters into the domestic financial system.

Depending on the exports revenues, the CBI offers exemption to exporters depending on the portion of foreign currency being returned to the system.

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