CBI provides over $27b of subsidized foreign currency for imports of basic goods

The Central Bank of Iran (CBI) announced that it has provided more than $27 billion of subsidized foreign currency to importers of basic goods in less than five months since the start of the current Iranian calendar year (March 20).
CBI figures showed that some $27.263 billion had been allocated to imports of basic goods, medicine, commercial goods and products and imports that have taken place in return for exports of goods or services from Iran between March 20 and August 16, Tasnim News Agency reported.

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 590,000 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.

The CBI said subsidized currency earmarked to imports of basic goods and medicine had reached $6.151 billion over the five months to mid-August, of which $4.85 billion had gone to imports of wheat, oil seeds and animal feed and the rest were allocated to medicine, active pharmaceutical ingredients and medical equipment.

It added that some $14.639 billion had been supplied to importers at NIMA rate or rates close to that for imports of commercial goods and products including parts and equipment needed in manufacturing, mining, power and electronics and textile industries between March 20 and August 16.
CBI figures showed that another $5.814 billion had been spent on imports of goods and equipment that had taken place in exchange of exports of services and goods from Iran over the same period.