Carpet Exports Hit Hard

The specialized commission for carpets, handicrafts and tourism of Iran Chamber of Cooperatives is petitioning the government to repeal the Central Bank of Iran’s export revenue repatriation policy, Abdollah Bahrami, the head of the commission, said.
“The policy, approved in the fiscal 2019-20 by CBI, has destroyed the motivation of carpet-weavers and exporters for making endeavors; the directive has stalled carpet industry over the past three years, reducing exports to $50 million per year,” he was quoted as saying by ISNA.
The CBI mandates all exporters to repatriate their foreign currency earnings from exports and sell them at lower rates than market prices to the bank, which discourages traders from undertaking exports.