Iran discloses amount of currency returned to country economy
BAKU, Azerbaijan, September 23
By Elnur Baghishov – Trend:
About 35 billion euro of total foreign currency earned from exports from April 11, 2018, to April 19, 2020, were returned to the Iranian economy, 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 emphasized that this is 68 percent of the total currency earned from exports.
“While 3.16 billion euro earned from Iran's non-oil exports have not been returned to the Iranian economy,” the deputy minister added.
The chairman noted that as of September 21, 2020, 21,254 exporters have fulfilled their obligations on foreign currency earnings from export.
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.