Iran’s subsidized currency allocations at over $42 in Mar-Dec: CBI
The Central Bank of Iran (CBI) has earmarked more than $42 billion worth of hard currency for imports and other basic needs of the country in the first nine months of the calendar year that began in late March.
CBI figures released on Saturday showed that the bank had supplied a total of $42.613 billion to imports and the Iranian sovereign wealth fund between March 21 and December 16.
The bank said allocations of heavily subsidized currency to imports of medicine and basic goods, processed at a rate of 285,000 rials per US dollar for most of the year, reached more than $9 billion over the period.
It added that some $1.317 billion was allocated to strengthen Iran’s strategic reserves, a reference to the country’s sovereign wealth fund.
CBI data showed that allocations to other import items, carried out using a second subsidized exchange rate that fluctuated around 700,000 rials per US dollar, topped $31.193 billion in less than nine months to December 16.
These allocations included $6.276 billion for imports serving the transportation and automotive industries and about $4.463 billion for power and electronics imports. The bank said it also supplied substantial funds for imports of manufacturing equipment, chemicals, mining and mineral products, garments, and other commodities.
The figures further showed that more than $1 billion worth of subsidized currency was allocated to students and travelers leaving the country during the period.
This comes as the CBI’s Center for the Exchange of Currency and Gold (ICE) said on Wednesday that it had raised the exchange rates applied to allocations of US dollars for imports and other needs.
According to an ICE statement, the rial-per-dollar rate for basic goods and medicine imports was increased to 736,254, while the second rate applied to other essential imports and travelers rose to 1,075,050 rials per US dollar.
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