Iran Allocates $3b Pharmaceutical Imports

EghtesadOnline: The Central Bank of Iran governor Abdolnaser Hemmati said more than $3 billion has been earmarked for the import of pharmaceuticals since the beginning of the current fiscal in March, IBENA reported on Monday.

News ID: ۷۸۴۱۲۶

10 October 2018

“Pharmaceuticals and medical equipment are our top priority and we want to make sure the CBI is backing the imports [of such goods],” he added.

The CBI has given the Health Ministry hundred of millions of dollars to ease purchases of pharmaceuticals, raw materials and medical equipment, he said. “The CBI has no limitations in providing currency pharmaceutical imports.”

Referring to pharmaceutical companies’ liquidity problems, he said decisions have been made to provide them cash by the Plan and Budget Organization as well as the banking system to enable them to purchase medicine and pharmaceutical raw materials, Financial Tribune reported.

CFT Legislation Boon to Currency Market

Secretary of Iran's Exchange Bureaux Operators said the recent parliamentary vote that allows Iran to join a UN convention against the funding of terrorism (CFT),  would inject much-needed transparency into the  market, which in the long run will boost the currency market and national economy.

However, Reza Torkashvand told a press briefing Monday that benefits of the landmark measure may not be felt immediately, ILNA reported.

The official criticized the longstanding practice by the government in manipulating the exchange rate, saying that that only led to "undermining the production sector" and "increasing the dole queues."

In his opinion fully liberalizing exchange rate policies could "make everybody a moneychanger and nobody would” look for a different profession.

"Thus, a system based on market demand that can also control it, should be created," he said.

The Majlis on Sunday approved new measures against funding terrorism, changes that officials hope will move Tehran closer to global norms and help remove it from investment blacklists as it faces renewed US sanctions.

The currency market temporarily welcomed the news as exchange rates fell.  The US dollar was traded for 141,000 rials on Monday, up from 136,000 rials the day before.