Central Bank of Iran allocates USD41.5b in subsidized foreign currency to support imports
Date
11/4/2024 7:30:23 AM
(MENAFN) The Central bank of Iran (CBI) has made significant financial contributions to support the importation of basic goods, totaling over USD41.543 billion in subsidized foreign currency from the start of the current Iranian calendar year on March 20 through November 2. According to the CBI's data, this financial support is broken down into various categories: USD9.3 billion allocated for importing essential goods and medicine, USD22.597 billion for commercial products, USD914 million designated for services, and USD9.29 billion for imports that were facilitated through exchanges involving Iranian exports of goods or services.
In a related report, the Islamic Republic of Iran Customs Administration (IRICA) revealed that Iran imported basic commodities worth approximately USD6.3 billion during the first five months of the current calendar year, which spans from March 20 to August 21. The total weight of these imported basic goods was recorded at 1.3 million tons, highlighting the scale of essential goods that are critical to meet domestic demands amid economic challenges.
Earlier data from the CBI indicated that over USD27 billion had already been allocated for imports within the first five months of the calendar year, specifically between March 20 and August 16. This figure of USD27.263 billion covered a variety of essential imports, including basic goods, medicine, and other commercial products, as well as those facilitated by the exchange of Iranian exports.
The government maintains a subsidized exchange rate for importing basic goods and medicines at 285,000 rials per U.S. dollar, which is significantly lower than the current market rate that hovers around 590,000 rials per dollar. Importers also have the option to access hard currency through the CBI’s Forex Management Integrated System, known as NIMA, where the exchange rate was reported at 450,937 rials per dollar on August 17. This multi-tiered approach to currency allocation aims to stabilize the economy and ensure the availability of essential commodities for the Iranian population.
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