Exporters’ Default Put Over $27 Billion

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.

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