News ID: 319639
Published: 0414 GMT January 24, 2022

CBI chief says close to $44b in foreign currency supplied in 10 months

CBI chief says close to $44b in foreign currency supplied in 10 months

Domestic Economy Desk

The Central Bank of Iran (CBI) supplied foreign currency resources worth $44 billion to the domestic market during the past 10 months, setting a positive trend, said the bank’s governor on Monday.

Ali Salehabadi added the growing trend is expected to continue in view of the present favorable circumstances, IRNA wrote.

He noted that based on the presented reports, positive predictions are made about the domestic foreign currency market.

On the CBI plans for controlling the monetary base, Salehabadi said the reserve money’s formation has undergone changes, adding during Dec. 21, 2021-Jan. 20, 2022, the public sector’s long-term fixed deposits at the CBI witnessed an increase of $1.39 billion.

This comes as, on the other hand, the government’s debts to the central bank have been reduced, he noted.  

In early December, Salehabadi said the CBI and the government have been enjoying a better access to foreign currency resources in recent months despite continued American pressure on the country’s economic system.

He added the CBI and the government had earmarked or enabled access to some $36 billion for the purpose of imports into Iran since the start of the current calendar year in March 2021.

The CBI chief said the figure was equal to the funds allocated to imports over the entire year to late March.

“We are in a very good condition with regards to the flow of foreign currency into the country and my forecast is that the situation will take a turn for the better in the near future,” said the chief banker.

Current CBI rules require exporters, including those selling petrochemicals to foreign customers, to bring back their proceeds to an integrated forex trading system known by the domestic acronym NIMA.

The system imposes a price cap on forex trade to make it possible for importers to obtain foreign currency at prices lower than the unofficial market.

Salehabadi said the amount of forex introduced to NIMA since March had increased by 45 percent compared to March-November 2020 to a total of $22.4 billion.



Resource: IRNA
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