Domestic Economy
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500K Tons of Imported Rice Stranded at Customs Terminals

500K Tons of Imported Rice Stranded at Customs Terminals500K Tons of Imported Rice Stranded at Customs Terminals

As much as 500,000 tons of imported rice have piled up at customs terminals due to complications associated with the provision of foreign currency from the export earnings of non-oil products (petrochemicals, steels and minerals) traded through the so-called secondary FX market, known by its Persian name Nima, the head of Rice Importers Association said. 
“Since March 20, the government has discontinued the allocation of foreign currency at the subsidized rate of 42,000 rials per dollar to import rice; it has called on importers to meet their forex requirements from Nima,” Abbas Tavakoli was also quoted as saying by IRIB News. 
Noting that even the supply of forex from the secondary FX market is experiencing disruptions, Tavakkoli said rice is a perishable food item and traders will face serious challenges if their shipments remain in storage on customs premises for longer. 

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