Accessibility links

Breaking News

Iran's Central Bank Tries To Repatriate Hard Currencies From Exports

Abdolnasser Hemmati, Governor of Central Bank of Iran.

The governor of Iran's Central Bank (CBI) said November 10 that soon measures and terms will be announced to facilitate the return of hard currencies to the country earned by exporters.

In recent months and following the establishment of a secondary forex market to meet Iran's demand for imported goods, the country has been struggling with the exporters who are reluctant to return the foreign currencies they earned to the local market.

Despite demands and even threats tabled by President Hassan Rouhani's Administration in recent months, many exporters, including petrochemical products, basic and colorful metals (?) exporters have refrained to return their forex to the secondary market.

Meanwhile, the central bank chief Abdolnasser Hemmati put Iran’s export of non-oil commodities in the first seven months of the current Iranian year (March 21 – Sep. 21) at $27 billion, showing a considerable 13 percent hike as compared to the last year’s corresponding period.

During the same period, Hemmati said that $10 billion was allocated to procuring necessary imported goods, including medicine and medical equipment.

In the meantime, Hemmati insisted that CBI has been focused mainly on stabilizing the foreign-exchange market over the past few weeks through promoting Iran’s national currency, rial.

Since the beginning of the year, Iran's currency has been devalued five-fold against the U.S. dollar and other major currencies.

“The Central Bank of Iran has developed various plans to cope with the worst-case scenarios after the second round of the US sanctions came into effect. Meanwhile, we have managed to build up our foreign exchange reserves over the past months,” state-run Mehr News Agency (MNA) cited Hemmati, as saying.