The Iran Center of Exchange (ICE) allocated nearly $6 billion in the past two months for basic imports, Masoud Tavakoli, the deputy of Iran Center of Exchange, said.
"Subsidiaries of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) supplied more than $2.76 billion in foreign currency since the establishment of the exchange center," Tavakoli was quoted as saying by IBENA.
More than $2.25 billion was made available via petrochemical exporters, he added.
"Almost $50 million was supplied by other export companies bringing the total to $6 billion".
The official elaborated on positive impact of the ICE market on exporters business, saying that the exchange rates were increased for exporters after the establishment of the ICE encouraging them to sell their overseas revenue to the market.
Tavakoli recalled that the government has announced that it will provide currency at a lower rates for importing essential goods as a cushion to help the public from higher basic commodity price.
The Central Bank of Iran in February unveiled the ICE apparently in the latest bid to control forex and gold prices that have jumped to levels unseen in the history of the country.
Rates in the new center are said to be reference rates for the market based on demand and supply of currency and gold, as well as key economic indicators.
Mohammad Reza Farzin, the CBI governor, this week warned exporters who have failed to return their forex earnings and said a special committee set up at the CBI is investigating the delays.
Farzin concurred that many exporters had repatriated their foreign revenue. "Last year, $65 billion was paid [for imports], which reflects the pattern of export revenue repatriation. Most of the forex came from the petrochemical and steel industries while other sectors also performed reasonably well. However, there have been breaches of [currency repatriation] agreements," IBENA quoted him as saying. He did not provide details.
Legal Obligations
Law obliges petrochemical exporters to return at least 60% of their revenue through Nima, the platform where exporters sell their currency earnings to importers of non-essential goods, whereas non-petrochemical exporters must return 50% of their revenue.
Exporters are required to sell 20% of their income in cash to money changers. The balance can be used for importing goods either by the exporting firms or third parties.
Farzin told the Majlis that the CBI will begin “buying and selling foreign currency directly” to eliminate backdoor deals. This move comes amid reports that some people and companies are involved in illegal forex deals.
"Although this is not widespread, there are reports of some individuals and companies dealing in currency through backdoor channels," the governor said in response to a question from a parliamentarian.
"For this reason, the central bank will directly buy and sell foreign currency to eliminate intermediaries and get a better grasp of market developments and prevent abuse." He did not elaborate.
Last week the CBI stopped allocating forex to importers who buy currency from the free market before applying for foreign currency at cheaper prices.
"CBI policy is to curb the unofficial currency market…purchasing forex from the open [unofficial] market is no longer permissible for those who seek access to the CBI's cheaper currency resources…Dealing in and with unofficial markets is akin to money-laundering and harms the economy," Farzin said in a tweet.
It has been reported that some importers buy foreign currency from the CBI at lower prices only to sell it in the black market at higher rates.
Last month the CBI issued a warning about selling currency outside official channels and at prices higher than the authorized exchange rates. It said some exchange shops and exporters had ignored regulations and sold currency outside the official framework at exorbitant rates.
