$18.7b of Iran's Export Earnings Repatriated Last Year

In the previous fiscal (March 2018-19) exporters repatriated $18.7 billion of their export earnings to the country, the Central Bank of Iran Governor Abdolnasser Hemmati wrote in an Instagram post Friday.

Financial Tribune- The money was brought back to the country as per the existing currency repatriation rules mandated by the CBI. Rules include selling currency on Nima (Integrated Forex Deals System), cash transfers through hawalah, selling to the bureaux exchanges, and using the currency for imports. Currency repatriation can also be undertaken through import of goods and machinery either by the exporting company itself or a third party.
Nima is the platform where exporters sell their currency earnings to importers of non-essential goods.

Publish Date: May 18, 2019