CBI Supplies Subsidized Forex Worth $5.2 Billion in 6 Months

October 8, 2020
banking

T he Central Bank of Iran’s Public Relations Department has released a report on the supply of subsidized foreign currency to import essential goods.

Also known as necessity goods, essential goods are products consumers will buy, regardless of changes in income levels.

Amid high inflation and diminished purchasing power, the Iranian government has sought to ensure a steady supply of essential goods at subsidized prices.

According to the report, in the current fiscal year (March 2020-21), as per the decision of the government’s Economy Council, a total of $8 billion at the rate of 42,000 rials per dollar will be allocated to the supply of essential goods.

Of the total sum, $5.5 billion will be offered to import essential items, namely corn, oilseeds, raw vegetable oil, soybean meals, barley and wheat, $1.5 billion to import pharmaceuticals and $1 billion to import medical equipment.

The government decided to supply $4 billion to import essential goods and $1 billion to import pharmaceuticals and medical equipment in the first half of the current year (March 20-Sept. 21).

financialtribune



Top News



banking

CBI, Ministry of Industries Must End Cur...
October 27, 2020
Deposits in Iranian banks rise 31% in H1
October 27, 2020
Over $6.1b supplied for import of basic ...
October 26, 2020