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CBI provides over 47b in subsidized foreign currency for imports

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CBI provides over $47b in subsidized foreign currency for imports

TEHRAN - The Central Bank of Iran (CBI) has provided $47.375 billion of subsidized foreign currency to importers of basic goods since the beginning of the current Iranian calendar year (March 20) up to November 30.

CBI provides over $47b in subsidized foreign currency for imports

CBI figures showed that during this period, $9.899 billion was provided for importing basic goods and medicine, $26.116 billion for commercial goods, $981 million for services, and $10.379 billion for imports that have taken place in return for exports of goods or services from Iran.

Basic goods and medicine are imported into Iran at a rate of 285,000 rials per U.S. dollar. The rate is much lower than a market price which is currently hovering around 700,000 rials per U.S. dollar.

That comes as importers can also receive hard currency at a rate applied in CBI’s Forex Management Integrated System, known by its Persian acronym NIMA. The price was 450,937 rials per U.S. dollar on August 17.

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source: tehrantimes.com