Iran Gov’t Reviving ‘Import Without Forex’ Policy
Following reports that the Central Bank of Iran has allowed companies to import goods “without transferring foreign currency”, the CBI outlined conditions for doing so.
The so-called import without forex allocation refers to a method of import where companies can use their own foreign currency, in or outside the country, for imports.
In a notice on its website, the CBI said it welcomes the method on the condition that importers determine the origin of their foreign currency holdings.
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Following reports that the Central Bank of Iran has allowed companies to import goods “without transferring foreign currency”, the CBI outlined conditions for doing so.
The so-called import without forex allocation refers to a method of import where companies can use their own foreign currency, in or outside the country, for imports.
In a notice on its website, the CBI said it welcomes the method on the condition that importers determine the origin of their foreign currency holdings.
bit.ly/2WG5K6F
@fintribune
Iran's Q1 Trade With EU Tops €1b
Trade between Iran and EU member states during January-March 2020 stood at €1.16 billion to register a 0.22% decline compared with last year’s corresponding period, latest data provided by the European Statistical Office show.
Germany, Italy and the Netherlands were Iran’s top three trading partners in the European bloc with bilateral exchanges standing at €491.18 million, €171.83 million and €128.36 million respectively.
Iran’s trade with Luxembourg (€488,018), Slovakia (€3.32 million) and Bulgaria (€43.7 million) increased by 589.68%, 141.4% and 106.76% respectively year-on-year—the highest among EU states.
Trade with Malta (€1,536 million), Finland (€1.87 million), Ireland (€3.89 million), Sweden (€9.3 million) and Romania (€20.86 million) saw the sharpest declines of 98.8%, 77.12%, 77%, 67.17% and 65.21% respectively.
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Trade between Iran and EU member states during January-March 2020 stood at €1.16 billion to register a 0.22% decline compared with last year’s corresponding period, latest data provided by the European Statistical Office show.
Germany, Italy and the Netherlands were Iran’s top three trading partners in the European bloc with bilateral exchanges standing at €491.18 million, €171.83 million and €128.36 million respectively.
Iran’s trade with Luxembourg (€488,018), Slovakia (€3.32 million) and Bulgaria (€43.7 million) increased by 589.68%, 141.4% and 106.76% respectively year-on-year—the highest among EU states.
Trade with Malta (€1,536 million), Finland (€1.87 million), Ireland (€3.89 million), Sweden (€9.3 million) and Romania (€20.86 million) saw the sharpest declines of 98.8%, 77.12%, 77%, 67.17% and 65.21% respectively.
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$75m Deposited in Unemployment Insurance Fund
A total of 12,860 billion rials ($75 million) have been deposited into the Social Security Organization’s Unemployment Insurance Fund, according to the Ministry of Cooperatives, Labor and Social Welfare.
The funding came from the €1 billion coronavirus relief package from the National Development Fund of Iran.
“Close to 820,930 people have filed for unemployment since March 13, of whom 687,911 were found eligible for benefits,” Masoud Babaie, an official with the Cooperatives Ministry, said.
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A total of 12,860 billion rials ($75 million) have been deposited into the Social Security Organization’s Unemployment Insurance Fund, according to the Ministry of Cooperatives, Labor and Social Welfare.
The funding came from the €1 billion coronavirus relief package from the National Development Fund of Iran.
“Close to 820,930 people have filed for unemployment since March 13, of whom 687,911 were found eligible for benefits,” Masoud Babaie, an official with the Cooperatives Ministry, said.
bit.ly/2XaKeWS
@fintribune
Iran's Agricultural Yields Expected to Increase by 3 Million Tons
Agricultural yields are expected to increase by 3 million tons, thanks to the good rainfall recorded in the current Iranian year (started March 20).
Unlike last year, when downpours and floods caused significant losses to farmers, the precipitation registered in arid and semi-arid provinces is expected to lead to a bumper harvest this year.
Out of nearly 18 million hectares of Iranian farmlands, 12 million hectares are rain-fed. The impact of rainfalls is more significant in the arid areas of central, southern, eastern and southeastern regions struggling with water shortages, drought and extended dry seasons since most of their farms are rain-fed.
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Agricultural yields are expected to increase by 3 million tons, thanks to the good rainfall recorded in the current Iranian year (started March 20).
Unlike last year, when downpours and floods caused significant losses to farmers, the precipitation registered in arid and semi-arid provinces is expected to lead to a bumper harvest this year.
Out of nearly 18 million hectares of Iranian farmlands, 12 million hectares are rain-fed. The impact of rainfalls is more significant in the arid areas of central, southern, eastern and southeastern regions struggling with water shortages, drought and extended dry seasons since most of their farms are rain-fed.
bit.ly/3dRM7hK
@fintribune