According to information provided by the Central Bank's assistant governor for currency issues, improvements have been made to the procedure for returning export earnings. Thanks to the reforms implemented, over $1.5 billion in foreign currency has returned to the country.
Mehdhi Darabi, citing the Central Bank and IRNA agency, detailed the main steps taken by the bank to facilitate exports and imports. He noted that these measures contributed to improving the return of export currency, creating a surplus of foreign currency in the Central Bank's systems, and reducing bureaucracy for importers receiving currency.
Addressing the currency policy reform introduced in Dey (January-February), Darabi emphasized that these changes have not only improved the return of export currency but have also led to a surplus of foreign currency in the Central Bank's systems.
Darabi described the second measure as the possibility of returning foreign currency in cash form. Previously, exporters could not bring foreign currency in banknote form, but the Central Bank has created this possibility, and in the first few months, over $1.5 billion in foreign currency has been returned this way.
The assistant governor also mentioned the possibility of direct transactions between the importer and exporter in accordance with Article 11 of the Seventh Development Plan Law. This measure has caused currency operations between these parties, which previously amounted to less than $1 million per day, to increase to more than $50 million daily. As a result, the importer can receive the necessary currency for raw materials and production goods within one day and without waiting in line.
According to Darabi, previously the exporter could not sell their foreign currency to the bank, and the process of transferring currency to the importer was accompanied by lengthy bureaucracy. Now, however, the exporter sells the currency to the bank, which is obliged to sell it to the importer, with the entire process being monitored by the Central Bank.
Continuing his discussion on the possibility of selling cash foreign currency to banks, he stated that previously the return of cash currency was limited, and the exporter was forced to sell it either for service needs or to the Central Bank. Now, however, there is an option to sell cash currency to banks, and these banks can use this same currency for imports.
In conclusion, Darabi reported on the Central Bank's initiative to reform regulatory acts. He specified that the Central Bank is advancing corrective provisions in the field of exports and imports in the Government Economic Committee, cooperating with ministries and the private sector to simplify both import and export processes, as well as the return of export foreign currency.