Iran’s exports proceeds top $13.5bn in 4 month to July 17: CBI
Central Bank of Iran (CBI) figures show foreign exchange revenues driven from the country's non-oil exports have increased by more than 82% in the nearly four months to July 17 compared with the same period in 2021.
The CBI said in a Sunday statement that exports proceeds supplied to a government-run foreign exchange system known as NIMA had exceeded $13.5 billion since the start of the calendar year in late March.
It said exporters had sold more than $167 million worth of their proceeds to importers on the NIMA system on Sunday.
Facing a tight supply of foreign currency in 2018 because of US sanctions, Iran introduced regulations requiring exporters to sell their forex proceeds to importers on NIMA where the exchange rate is normally lower than the market.
However, the amount of foreign currency supplied to NIMA can have a major impact on rates in the unofficial market in the Iranian capital Tehran.
One US dollar sold for 321,000 Iranian rials at the close of trade in the market in Tehran on Sunday, slightly down against figures reported on Saturday.
Iran has increasingly relied on non-oil exports in recent years to offset the impacts of US sanctions on its direct sales of oil.
A bulk of the forex proceeds supplied to NIMA are driven from Iran’s exports of petrochemicals with figures by the CBI and the Iranian customs office showing that petchem shipments to China and neighboring countries have surged in recent months.
Exporters of minerals and agricultural products have also been among major suppliers of foreign currency to the CBI-controlled NIMA since the system was launched four years ago.
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