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TCCIMA Member: Currency Repatriation Rules Lack Efficacy

TCCIMA Member: Currency Repatriation Rules Lack EfficacyTCCIMA Member: Currency Repatriation Rules Lack Efficacy

A member of the Tehran Chamber of Commerce, Industries, Mines and Agriculture has cast doubt on the efficacy of the new export earning repartition rules and urged the Central Bank of Iran to bear with exporters regarding currency repatriation procedures. 
“The new directives don’t appear to be implementable because given the hurdles on returning money to the country, it is not realistic to expect exporters to repatriate 50% of their earnings within a short period of time,”   Mehdi Pourqazi, head of the Mine and Industries Commission of TCCIMA told ISNA. 
Under the circumstances and when Iran’s international banking and trade is struggling “due to lack of cooperation of foreign banks, it would be better to give exporters a freer hand in repatriating their overseas earnings.”

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