Petrochemical companies provided 20% of the foreign currency needed for importing goods in the past Iranian year, the Central Bank of Iran governor said.
"Nearly $29 billion was needed for imports, which was provided to importers despite mounting external pressures. Petrochemical companies provided 20% of the amount," Hemmati was quoted as saying by Shana.
Petrochemical companies also accounted for 53% of transactions in the secondary forex market (known locally as Nima), he said, adding that the sector could become an influential player in country's foreign trade.
The secondary market is a platform where importers declare their currency needs, exporters register their currency proceeds and banks and authorized moneychangers function as dealers.
This allows the CBI to exercise oversight and control currency demand and supply.
According to the senior banker, petrochemical firms fulfilled 92% of their currency repatriation commitments since the beginning of the current fiscal year in March, which he billed as "acceptable performance".
Rules related to the repatriation of export earnings became more stringent after the United Sates re-imposed economic sanctions in the spring of 2018, triggering a severe shortage of foreign currency as oil exports declined to unprecedented lows.
Companies are now required to sell at least half of their export earnings in the secondary market at an exchange rate set below the higher open market price. Petrochemical companies must bring back at least 60% of their earnings and sell it via Nima.
As per law, at least 20% of the total proceeds sold in the secondary market must be in cash. The balance can be used to import goods, machinery and equipment either by the exporting firm or any other third party.
