5-month imports of basic goods rise 69% yr/yr

Imports of basic goods recorded at Iran’s ports since the beginning of the current Iranian calendar year (March 21) have increased by 69 percent compared to the similar five-month period last year, IRNA reported, quoting governor of the Central Bank of Iran (CBI) as saying on Thursday.

According to Abdolnasser Hemmati the surge was mainly due to the good coordination between the CBI and Iran’s agriculture and trade ministries when it comes earmarking foreign currencies to the importers.

In mid-November last year, CBI issued a directive which obliged the country’s exporters to re-inject their foreign currency incomes into the country’s domestic Forex Management Integrated System (locally known as NIMA) in order to be used to import basic goods.

Hemmati, who visited customs yards at Imam Khomeini Port southwest of Iran earlier in the mentioned day, said current port inventory figures, around three million tons of stocks, were almost double those that existed last year and before the United States imposed its sanctions on Iran.

He said there was no concern about the imports of the basics like animal feeds which are highly needed in Iran's agriculture sector.

Earlier in March, Head of Iran Customs Administration (IRICA) Mehdi Mirashrafi said “Regarding the basic goods, the country is well supplied and even the imports of some commodities like corn and meat have increased.”

The surge in Iran’s import of basic goods come as the country has faced problems in normal trade with traditional partners mainly due to the U.S. sanctions that have restricted businesses’ access to banking services and obtain required guarantees.

In late June, Hemmati announced that the NIMA system has supplied €4.564 billion for imports of basic goods since the beginning of current Iranian calendar year.

source: Tehran Times