News ID: 234611
Published: 0409 GMT November 21, 2018

CBI issues rules on export revenue return

CBI issues rules on export revenue return

The Central Bank of Iran (CBI) issued instructions on returning the hard currency earned by exporters to the domestic financial system.

The instructions, which aim to channel non-oil export revenues back into the country's economy through the forex management integrated system (NIMA), mandate all exporters of goods and services to guarantee the return of the foreign exchange allocated to them by the government at lower rates instead of the free market prices, reported Trend News Agency.

Exporters earning €1 million per year are exempted from offering their revenues at NIMA while those earning €1 million to €3 million per year from exports are required to return 50 percent of the foreign exchange received from the government back to NIMA.

Exporters with annual exports of €3 million to €10 million are obliged to return 70 percent of the amount received from the government at the official rate.

Exporters whose export earnings exceed €10 million must deposit 90 percent of the amount received at official exchange rates into NIMA.

According to the estimates, some $47 billion of hard currency will be injected back into the domestic financial system through exports by the end of the current fiscal year on March 20, 2019.

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