A memorandum of understanding on forex and trade support was signed Monday between the Central Bank of Iran Governor Ali Salehabadi and Industry Minister Reza Fatemi Amin.
It was agreed that the two sides will build collaboration in their currency and trade policies to further national economic goals, the CBI news portal said.
“Cooperation between the CBI, as forex provider, and the Industry Ministry, responsible for foreign trade, is adequate. This MoU will be a roadmap showing the way forward,” Salehabadi said.
A committee will be formed on two-way decisions on which the working relations will be based, he added.
“The committee, for example, will have a mandate on lifting import/export restrictions, relevant forex issues and communicate its proposals.”
Fatemi Amin said that the MoU should help strike a balance between the country’s currency resources and demand.
The CBI boss added that exporters of agro products, handicraft and knowledge-based items can cash their overseas income with the CBI and then sell their currency in the regulated market.
“The CBI will use the currency to pay for import needs.”
This is while many exporters have criticized the CBI for compelling them to sell their export income at the special Nima platform, where rates are lower than the free market.
Exporters note that that their costs are based on open market currency rates. However, they are forced to repatriate their export revenue and sell them at lower rates.
Nima is an online platform affiliated to the CBI where exporters sell their currency and companies buy for importing machinery, equipment and raw material.
In this system, importers declare their currency needs, exporters register their proceeds and banks and authorized moneychangers are brokers.
The senior banker noted that export revenue, including from oil, gas and derivatives, are better than last year, and as such supplying currency for imports was a bit easier.
“We have been able to receive a part of our debt from some countries, like Iraq, and have settled part of our debt to other countries,” he said without elaboration.
Salehabadi denied domestic media reports on Monday about his resignation, saying that he is committed to continue his work at the CBI.
