(MENAFN) The Central Bank of Iran (CBI) has reported that it has allocated over USD27 billion in subsidized foreign currency to importers of essential goods in the first five months of the current Iranian calendar year, which began on March 20. This substantial amount has been distributed for the importation of basic goods, medicine, commercial products, and items imported in exchange for Iranian exports of goods or services, according to data from Tasnim News Agency. Specifically, between March 20 and August 16, the CBI allocated USD27.263 billion for these purposes.

The subsidized foreign currency is provided at a significantly lower rate for basic goods and medicine compared to the market rate. Imports of these essential items are priced at 285,000 rials per US dollar, while the market rate currently stands around 590,000 rials per dollar. Additionally, importers can access foreign currency at the rate offered by the CBI’s Forex Management Integrated System, known as NIMA, which was priced at 450,937 rials per dollar on August 17.

The CBI highlighted that USD6.151 billion of the subsidized currency was designated for the import of basic goods and medicine up to mid-August. Out of this amount, USD4.85 billion was allocated to wheat, oil seeds, and animal feed, with the remaining funds used for medicines, active pharmaceutical ingredients, and medical equipment. Furthermore, USD14.639 billion was provided to importers at the NIMA rate or similar rates for commercial goods and products, including those required for manufacturing, mining, power, electronics, and textile industries during the same period.

In addition, the CBI reported that USD5.814 billion was spent on importing goods and equipment in exchange for Iranian exports of services and products from March 20 to August 16. This comprehensive allocation underscores the CBI's ongoing efforts to manage foreign currency resources effectively while supporting critical sectors of the Iranian economy.

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