CBI, Ministry of Industries Must End Currency Chaos

October 27, 2020
banking

B ehshahr Industrial Group, the largest producer of edible oils and fats in Iran said it has suspended production for nine days starting Oct. 22 over the Central Bank of Iran’s failure to provide foreign currency to import unprocessed oils.

“The Ministry of Industries, Mining and Trade has sent us to the CBI. But the problem is that the allocated forex cannot be transferred,” Amir-Houshang Birashk, secretary of Iranian Vegetable Oil Industry Association told Mehr News Agency.

“As we speak, 60,000 tons of raw, unprocessed oils is held up in customs warehouses. We are negotiating to solve the problem. All edible oil companies have been afflicted. Imports of unprocessed oil have declined by 50%. Those in charge need to find a solution to avoid new challenges to the vegetable oil industry,” he stressed.

financialtribune



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