Speaking to Tasnim on Wednesday, Abdonnaser Hemmati said the proposal put forward by France to establish a $15 billion credit line for oil purchases from Iran was only part of the European efforts to save the 2015 nuclear deal and convince Tehran to avoid taking the next step in reducing its commitments under the agreement.

The CBI has devised plans to obtain the required foreign currency supplies regardless of the European offer, he underlined.

Hemmati also noted that the Central Bank has made arrangements to allocate foreign currency for the import of basic commodities, fulfill the country’s necessary demands, and regulate the forex market according to plans.

His comments came after Paris put forward a $15 billion credit line for oil purchases from Iran until year-end in order to convince Tehran not to take the next step in reducing commitments under the nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

French Foreign Minister Jean-Yves Le Drian said talks on the credit arrangement, which would be guaranteed by Iranian oil revenues, were continuing, but approval from the US would be crucial.

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Hemmati noted that last year some $18.7 billion of foreign currency was returned into the country’s financial system by the exporters.

Iran provides foreign currency for the country’s exporters with significantly low exchange rates and the exporters are obliged to return the equivalent of the supplied fund in the form of foreign currency.

In early May, Hemmati had said that CBI plans for neutralizing or relieving the impact of U.S. sanctions on the country’s economy by monitoring and controlling the foreign currency market.

Maintaining and strengthening the relative stability of the foreign currency exchange market by strengthening and improvement of the performance of Iran’s domestic Forex Management Integrated System (locally known as NIMA), setting foreign currency exchange policies to support non-oil and oil exports and providing liquidity and working capital to maintain and boost domestic production and finally establishing a financial mechanism with neighboring countries were some of the plans which Hemmati said the CBI is going to follow.

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“During the past three months [since the appointment of Hemmati as CBI governor], all the required programs to amend banking system have been planned relying on ratifications of the Supreme Council for Economic Coordination and formation of Liquidity and Money Market Committee consisting of economy, monetary and banking experts besides central bank officials,” he announced.

Despite what some critics believe, CBI’s efforts to curb the rampant foreign exchange market during the past months, has not prevented it from focusing on its other responsibilities, he added.

“Tackling the old accumulated problems in banking system is a time-consuming procedure that requires high precision,” he underlined.

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According to Hemmati, €7.3 billion of deals have been done at the secondary market (the Forex Management Integrated System, locally known as NIMA) during the past two months and due to the taken measures including having petrochemical companies supply the required foreign currency of the secondary forex market, injection of foreign currency into the system will be facilitated in near future.

According to the announcement of the Public Relations Office of Iranian Oil Ministry all the foreign currency earned from exports of petrochemical companies’ products has been regularly pumped into NIMA, in a bid to address the country’s currency needs.

NIMA, which seeks to boost transparency, create competitiveness among exchange shops and a secure environment for traders, is a new chance for importers to supply their required foreign currency without specific problems and for exporters to re-inject their earned foreign currency to domestic forex market.

Secondary foreign exchange market was inaugurated in early July to allow exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

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