Business And Markets

Iran's CB Puts Exporters on Notice

Exporters on Notice Reward and Punishment Rules	Exporters on Notice Reward and Punishment Rules

A package was announced Monday by the CBI outlining procedures for repatriating export earnings in the current fiscal year that ends in March 2021 and also earnings of the past two years. 
The package was announced by the Central Bank of Iran and drafted in coordination with relevant government bodies, including the Oil Ministry, Industries Ministry, Economy Ministry and the Plan and Budget Organization, the CBI’s website reported. 
Among other things, the new producer says all non-oil exporters must bring back at least 80% of their earnings in “foreign exchange hawala” and maximum 20% in hard currency. The proceeds must be sold via the secondary forex market to banks and authorized exchange bureaus. 
In the new rules, the regulator does not discriminate between petrochemical exporters and other exporting firms.


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