Iran Ministry of Culture responsible for foreign currency allocation to import paper
Tehran, Iran, July 1
The Iran Market Regulation Council received a report from the Paper Organizing Committee and ordered the Ministry of Culture to obtain a list the recipients of foreign currency at official rate for importing paper, through which the list of offending companies will be provided to the authorities.
Accordingly, all the companies which received foreign currency at the official rate to import paper, prior to last July were required to provide sales invoice to the Consumer Protection and Manufacturers Association to achieve a relevant license, Trend reports citing Mehr News Agency.
“It was decided that clearing all papers imported at a value of 42,000 rial per one USD after the 4th of July last year were subject to obtaining related licenses,” secretary of the market regulation department Abbas Ghobadi said at a meeting.
At the meeting, the members of the market regulation council talked about the responsibility of the Ministry of Culture for the $80 million share of newspaper quotas in 2019-20 at a rate of 42,000 per dollar. At the same time, the central bank was obliged to give priority to provide the required paper currency and report it to the Market Regulatory Committee.
Iran currently has a three-tier Forex system. The first tier is a low exchange rate for officially approved importers of essential and industrial goods, who get dollars at around 42,000 rials.
The secondary tier covers dollars brought back to the country by exporters and sold to licensed Forex traders, who sell it back to merchants in need for dollars for importing consumer and other goods. At this market, each dollar buys 140,000 rials. The third tier is the free market for cash dollars, which now trades at a slightly higher rate than the second tier.