Central Bank of Iran allocates USD927M in subsidized foreign currency to industrial sector
Date
5/22/2024 8:45:58 AM
(MENAFN) The Central bank of Iran (CBI) allocated USD921 million in subsidized foreign currency to the country's industrial sector during the previous Iranian calendar year, which ended on March 19, as reported by an Iranian news agency. According to CBI data, USD335 million of this amount was directed towards importing raw chemical goods.
Various industrial sectors benefited from these funds, including tires, which received USD180 million; polymer materials, which were allocated USD120 million; cellulose products, which obtained USD92 million; petroleum oils and oils derived from bituminous minerals, which got USD77 million; textile products, which received USD57 million; and other items, which were allocated USD47 million, as detailed in the report.
In April, the CBI also announced that it had provided USD4.3 billion in foreign currency to importers of medicine and medical equipment in the previous Iranian calendar year. This figure represented a 26 percent increase compared to the prior year, during which USD3.4 billion was allocated for these imports.
From the start of the current year (March 20) until May 22, the central bank supplied more than USD3.143 billion in foreign currency for the import of four essential commodity groups, including food, agricultural products, and medicine.
In March, Iran’s Expediency Discernment Council authorized the government and state management bodies, including the CBI, to spend 13.6 billion euros at a preferential exchange rate to import basic items such as agricultural products, medicine, and raw materials, as well as medical equipment. This decision was made during a meeting chaired by Ayatollah Amoli Larijani to review and discuss the budget for the current financial year.
The council emphasized that the government would offer preferential rates for clearing or exchanging foreign resources generated from the export of oil, gas, and gas condensates, but only for importing basic agricultural goods and medicine. The specific list of these items was to be approved by the Council of Ministers by the end of April.
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