Central Bank of Iran allocates over USD28B in foreign currency for import of essential goods

(MENAFN) Since the beginning of the current Iranian calendar year on March 20, the Central bank of Iran (CBI) has allocated over USD28 billion in subsidized foreign currency for the import of essential goods. This substantial figure includes approximately USD28.971 billion designated for a range of imports such as basic goods, medicine, commercial products, and items imported in exchange for Iranian exports, as reported by an Iranian news agency. This allocation underscores the CBI’s ongoing efforts to manage the supply of crucial items amidst economic fluctuations.

Of the total amount, USD6.307 billion was specifically allocated for the import of medicines and essential goods, reflecting the prioritization of healthcare and basic needs within the subsidy framework. The rest of the funds were directed towards trade and commercial products. The subsidized exchange rate for importing these basic goods and medicines is set at 285,000 rials per U.S. dollar, which is significantly lower than the current market rate of around 590,000 rials per dollar. This substantial difference highlights the CBI’s role in stabilizing prices for critical imports.

Additionally, importers can also access hard currency through the CBI’s Forex Management Integrated System (NIMA), which had a rate of 450,937 rials per U.S. dollar as of August 17. This system provides an alternative to the subsidized rate and reflects the central bank’s broader strategy to manage foreign exchange resources effectively.

In March, the Expediency Discernment Council authorized the government and relevant state bodies, including the CBI, to use 13.6 billion euros at a preferential exchange rate for importing basic items such as agricultural products, medicine, and medical equipment. This decision was made during a meeting chaired by Ayatollah Amoli Larijani, focusing on the current financial year’s budget. The council emphasized that the preferential rates would be applied solely for basic agricultural goods and medicine, with a list of approved items compiled by the Council of the 13th government ministers. The import process is overseen by a dedicated working group comprising top officials from various ministries and organizations to ensure proper allocation and management of these funds.