In a directive issued by the Central Bank of Iran (CBI), supply of currency obtained from exports will accelerate. Central Bank of Iran (CBI) notified the executive instruction to the responsible organizations in six paragraphs on the removal of currency obligations of exporters and return of currency obtained from export of goods to the economic […]
In a directive issued by the Central Bank of Iran (CBI), supply of currency obtained from exports will accelerate.
Central Bank of Iran (CBI) notified the executive instruction to the responsible organizations in six paragraphs on the removal of currency obligations of exporters and return of currency obtained from export of goods to the economic cycle of the country.
According to the instruction of ‘returning export-related currency to the economic cycle of the country’, Islamic Republic of Iran Customs Administration (IRICA) ihas been tasked with obtaining a written commitment on returning export currency earlier than the electronic declaration of export in transboundary single-window trade, provided that the relevant approval letter is received from the Central Bank of Iran (CBI).
In the same direction, IRICA should send information of export licenses electronically to the Central Bank of Iran (CBI).
Accordingly, the way of returning export currency exceeding three months will be determined by the Ministry of Industry, Mine and Trade.
For this purpose, a working group, composed of the Ministry of Economic Affairs and Finance (MEAF), Ministry of Industry, Mine and Trade, Ministry of Oil and Central Bank of Iran (CBI) will determine the commitments rate, so that these commitments should be deposited into the public treasury fund within a maximum of three months.
