Iran declares amount of euros returned to country's economy by exporters
BAKU, Azerbaijan, September 21
By Elnur Baghishov – Trend:
Iranian exporters returned 1.5 billion euros earned from exports, to Iranian economy in the 5th month of the current Iranian year (July 22-August 21, 2020), Deputy Minister of Industry, Mine and Trade of Iran, Head of the Trade Promotion Organization of Iran (TPOI) Hamid Zadboum said, Trend reports citing the organization’s website.
Zadboum stressed that Trade Promotion Organization of Iran has set up a working group to bring foreign currency into the country's economy and it works to speed up this process.
The deputy minister noted that the increasing of Iran's non-oil exports is a major priority of Trade Promotion Organization of Iran.
Today on September 21 in Iran is the last day for exporters to return the currency earned from exports to the Iranian economy.
A total of 2,056 exporters in Iran have fully fulfilled their obligations to return the currency earned from exports to the Iranian economy by the end of last Iranian year (March 20, 2020). Of these exporters, 621 were non-manufacturing and the rest (1435) was manufacturing enterprises. The value of the goods exported by these exporters amounted to 14.2 billion euros.
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.