Iran to assign foreign currency revenues to free zones

Business Materials 28 September 2019 09:39 (UTC +04:00)

Tehran, Iran, Sept.28


To improve the production in Iran's free zones, part of foreign currency revenues of free zones exports shall be returned to them to import raw material, said Governor of Central Bank of Iran (CBI) Abdolnaser Hemmati, Trend reports citing IRNA.

"The Supreme Council of Iran's Free Trade Zones shall assign considerable figure from return of export's foreign revenues to free zones to enable them to obtain raw material for production and improve the trades," he added.

"Iran's free zones organizations will issue permits to productive units while the country's agent banks will provide them with banking advances," he said.

The official emphasized that country's free zones have possibility for crypto currency mining.

He went on to say: "In my opinion, free zones will have good conditions for crypto currency mining, if Ministry of Energy agrees to cooperate and provide power for mining to free zones and if they can buy necessary raw material for production from crypto currency revenues."

"Trading crypto currency in the country is banned, but crypto currency mining can be allowed based on government approvals and by obtaining related permits. And it will be exempted from taxes, if the foreign currency revenues are used in imports," he said.

"Providing official foreign currency for raw material imports, commodity transfer between free zones and registering goods are the major issues for productive units in Kish Island," he added.

According to the managing director of Kish Free Zone, the exports volume of the Zone during last Iranian year (started March 21, 2018) exceeded $320 million, and assigning part of foreign currency revenues would solve the problems of production and trade in this zone.