Domestic Economy

$6.2 Billion in Subsidized Forex for Basic Goods

necessity goods
necessity goods

Despite restrictions resulting from US sanctions, the Central Bank of Iran provided $6.214 billion in subsidized foreign currency to import essential goods over seven months ending Oct. 21.
It is up to the related ministries, namely the Ministry of Industries, Mining and Trade, the Agriculture Ministry and Health Ministry to determine priorities concerning what commodities or companies are eligible to receive cheap currency, a statement by CBI’s Public Relations Department reads. 
As per the decision of the economic headquarters of the government, a total of $8 billion at the rate of 42,000 rials per dollar will be allocated to the supply of essential goods over the current fiscal year (March 2020-21). 
Of the total sum, $5.5 billion will be allocated for the import of corn, oilseeds, raw vegetable oil, soybean meals, barley and wheat, $1.5 billion for pharmaceuticals and $1 billion for medical equipment. 


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