Farzin Censures Exporters Skirting Forex Regulations

EghtesadOnline: Mohammad Reza Farzin, the governor of the Central Bank of Iran, has warned exporters who have failed to return their forex earnings and said a special committee set up at the CBI is investigating the delays.

News ID: ۷۵۲۵۱۷

10 May 2023

Mohammad Reza Farzin, the governor of the Central Bank of Iran, has warned exporters who have failed to return their forex earnings and said a special committee set up at the CBI is investigating the delays.

Addressing the parliament on Tuesday, Farzin added that many exporters had repatriated their foreign revenue. "Last year, $65 billion was paid [for imports], which reflects the return of export revenue. Most of the forex came from the petrochemical and steel industries while other sectors also performed reasonably well. However, there have been breaches of [repatriation] agreements," IBENA quoted him as saying.

Regulations oblige petrochemical exporters to return at least 60% of their revenue through Nima, the platform where exporters sell their currency earnings to importers of non-essential goods, whereas non-petrochemical exporters must return 50% of their currency. Exporters are required to sell 20% of their income in cash to money changers. The balance can be used for importing goods either by the exporting firms or third parties.