Exporters’ Default Put Over $27 Billion
Iranian export companies have refrained from returning $27.5 billion of their overseas revenues over the past two years, says an official with the Central Bank of Iran.
"A portion of the total is to be returned as part of plans announced by the CBI and Ministry of Trade, Industries and Mining. This will have a [positive] impact on forex rates," Samad Karimi, head of CBI's Export Department was quoted as saying by IBENA.
As per CBI regulations, exporters are obliged to sell at least half
their earnings in the secondary market. Petrochemical exporters need to
bring back at least 60% of their overseas earnings and sell it via Nima.
Exporters also must sell at least 20% of their total proceeds in cash
to authorized moneychangers.