The Central Bank announced the terms of returning the foreign currencies earned from exporting goods by exporters.
According to ISNA, The instructions and executive regulations to remove the foreign currency commitment and the return of the currencies resulted from the exports of goods into the country’s economic cycle have been communicated to the relevant entities in six clauses. Based on the content of the letter no. 15550-97/m/55633 of August 11, 2018 by the Secretary of the Cabinet of Ministers obliging all executive entities to comply with the Central Bank’s policy of foreign currencies and in line with the Clause no 3 of regulatory approval no 63793/ h-t/ 55633 on August 7, 2018 by the Cabinet of Ministers on the return of the currencies resulted from the exports of goods into the country’s economic cycle, this instructions has been prepared and issued as follows:
The customs are obliged to receive the exporter’s commitment of returning the currencies resulted from the exports of goods through the system as per the attached form and the relevant confirmation from the Central Bank prior to the submission of the electronic export declaration on the trans-boundary business portal system.
The customs are obliged to send the information of the export licenses of clause 1 to the Central Bank of Islamic Republic of Iran online and systematically.
The exporters are obliged to return at least 95% of the FOB value of the exported goods to the domestic economic cycle at most within 3 months of the date of issuance of the customs exporting license and declare it to the Central Bank through the Comprehensive Trade System. The remaining 5% will be at the exporter’s disposal to meet the expenses such as marketing, advertising, offices abroad and the like.
Note: The documented confirmation of returning the foreign currencies generated by exports for more than three months will be determined by the Ministry of Industry, Mine and Trade.
The method of returning the foreign currency to the domestic economic cycle can take one or a combination of the following forms as per the regulations and the policies of the Central Bank:
Imports against exports by the exporter or third parties
Paying the installments of exporter’s debts in foreign currency, the facilities of finance, refinance and usance.
Selling their foreign currencies to banks and authorized exchange stores
Opening depositing account in foreign currencies at the domestic banks
Providing services and special facilities for the exported by all executive organizations and entities including banking services and facilities; issuing or renewing the commercial license card and granting incentives and the like are subject to the exporters’ settlement of the foreign currency commitments of receiving the online and system inquiry from the Central Bank by the relevant entity.
The Central Bank is obliged to provide the possibility of online and system inquiry about the exporters’ foreign currency obligations for all sponsored executive and regulatory entities