Details of the announcement of the working group on the return of currency
The end of import versus export is coming
According to the resolution of the working group on the return of foreign exchange from exports, all exporters of petrochemical products, refining, steel, non-ferrous metals and petroleum products are subject to submitting 100% of their export remittances to the NIMA system.
It was at the beginning of May 1402 that Behzad Lamayi, the director of the central bank’s currency monitoring department, announced that in line with the new policy of the central bank, the return time of petrochemical companies has been reduced from 125 to 80 days. Also, in order to prevent the outflow of foreign currency under methods such as over-declaration in imports and under-declaration of exports, the customs values of export and import goods will be corrected in cooperation with the Iranian customs.
All major exporters were subject to return of foreign currency earned from exports in 80 days
Now, based on the latest changes applied in this field by the working group on the return of foreign exchange from exports, which was announced by the Trade Development Organization, the deadline for fulfilling foreign exchange obligations from the export of petrochemical products, refining, steel, non-ferrous metals and petroleum products is from the 10th of April this year. It has been reduced from four months to 80 days.
Also, the exporters of this field are required to sell 100% of the foreign currency obtained from their exports in the form of remittances in the NIMA system.
Expecting to stop the procedure of importing against its exports with the departure of the majority of exporters from the scope of inclusion
Considering that until now, the foreign exchange resources required for the import of consumer goods such as refreshed and repackaged American iPhones have been provided through the export of some exporting companies, which are included in the scope of the working group’s resolution on the return of foreign exchange from exports, there is an expectation that With the implementation of this resolution, the import procedure against the export should also be stopped or at least significantly limited.
In the procedure of import versus export, importers import unnecessary consumer goods, including American iPhones, American iPhones, and American Repacks, according to the currency obtained from exports or by placing this currency at the disposal of another person.
Nevertheless, in the resolution issued by the Trade Development Organization, it is emphasized that all exporters of petrochemical products, refining, steel, non-ferrous base metals, and petroleum products are subject to submitting 100% of their export remittances to the Nima system within 80 days. In this arrangement, most of the exporters who had the possibility of importing against their exports will be removed from this vicious cycle.
This post is written by shadmanamini