Business And Markets
0

$18.7b of Iran's Export Earnings Repatriated Last Year

$18.7b Export Earnings Repatriated Last Year
$18.7b Export Earnings Repatriated Last Year

In the previous fiscal (March 2018-19) exporters repatriated $18.7 billion of their export earnings to the country, the Central Bank of Iran Governor Abdolnasser Hemmati wrote in an Instagram post Friday.  
The money was brought back to the country as per the existing currency repatriation rules mandated by the CBI. Rules include selling currency on  Nima (Integrated Forex Deals System), cash transfers through hawalah, selling to the bureaux exchanges, and using the currency for imports. Currency repatriation can also be undertaken through import of goods and machinery either by the exporting company itself or a third party. 
Nima is the platform where exporters sell their currency earnings to importers of non-essential goods.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com