Business And Markets

Time Limit Extended Again for Export Income Repatriation

Iran’s Trade Promotion Organization has again extended the  deadline for exporters to repatriate their forex income to December 21.
This time limit is for businesses that exported in the last fiscal year that ended in March 2020, the TPO website reported. The TPO decision comes after calls by exporters who were unable to meet their forex commitments as agreed.
Central Bank of Iran reports say non-oil exporters had to bring back at least 80% of their earnings in “foreign exchange hawala” and 20% in hard currency.
The regulations were revised later to give export firms extra time to comply and bring back the revenues. In the past exporters had four months to return the earnings starting from the date the export permit was issued by the customs office.  However, that time limit was extended for some goods designated by the Industries Ministry.
Due to the US economic blockade export companies find it increasingly difficult to bring money home via banks because foreign financial institutions refuse to handle Iranian transactions fearing US retaliation.


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