Iran reveals details for returning of currency earnings from exports
BAKU, Azerbaijan, September 26
By Elnur Baghishov – Trend:
As many as 21, 254 exporters returned 35 billion euro of total foreign currency earned from non-oil exports from April 11, 2018, to April 19, 2020, 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.
According to the deputy minister, this is 68 percent of the total currency earned from exports.
The head noted that a total of 2,286 exporters have fulfilled 100 percent of their obligations. Of these exporters, 1,644 were producers and 642 were non-producers.
"In total, 2,286 exporters returned 14.8 billion euro to the country's economy. Their share in the return of currency earnings from export to the country amounted to 43 percent," he said.
Zadboum stressed that of the 14.8 billion euro, 13.9 billion euro were returned by producers and 993 million euro by non-producers.
The deputy minister said that of the 15,043 exporters who did not fulfill their obligations by 100 percent, 2,400 were producers and 12,643 were non-producers. The amount of money returned by these exporters to the country's economy amounted to 9.7 billion euro, of which 1.4 billion euro accounted for producers.
"Meanwhile, some 3.16 billion euro earned from Iran's non-oil exports have not been returned to the Iranian economy," the head added.
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.