The supply of foreign currency for import needs improved substantially in the past five months, head of the Central Bank of Iran public relations office said.
In a note on his social media account on Thursday, Mostafa Qamari-Vafa said currency made available by the CBI was in the region of $49 billion in the past five months.
“This is while, the total forex supply stood at $37 billion in the whole of last fiscal year,” Qamari-Vafa said on Twitter.
“Currency supply in the form of both banknotes and hawala is [now] smooth and banking ties to friendly countries is improving,” he said without elaboration.
The improvement in foreign trade explains part of the success in supplying currency, he noted.
Data released by Customs Administration show that Iran’s foreign trade (minus oil) stood at 133 million tons worth $80.23 billion in the first ten months (March 21-Jan. 20) of the current fiscal year.
Exports stood at 100 million tons worth $38.76 billion -- up 7% and 38% year-on-year growth in volume and value, respectively.
Imports reached 33 million tons worth $41.47 billion, registering a 17% and 34% YOY increase in weight and value, respectively.
The UAE, China, Turkey, Germany and Switzerland were the main exporters to Iran during the period. China, Iraq, Turkey, the UAE and Afghanistan were the main importers, IRIB News said.
Earlier in the week, the CBI Governor Ali Salehabadi gave a positive summary of exports and currency revenues in the past few months.
He said the secondary market (known locally as Nima), where the forex is exchange in hawala, and the regulated forex market, in which wholesale currency is sold in cash between banks and authorized exchange bureaus, saw growth in currency supply.
“About $1.6 billion was traded in the regulated market since the beginning of the fiscal year up until know. That was fourfold compared to the same period last year,” he told state TV.
In addition, non-oil exporters sold $25 billion in the Nima market during the period -- up 42% on the whole of the last fiscal year when the amount was $17.6 billion.
Nima is a currency trade platform through which non-oil exporters offer their overseas income importers buy for import needs.
