Allocation of currency in exchange
exchangeable currency :
Exchange currency or assigned currency is a place where the government allocates currency to natural or legal persons with special conditions at a price lower than the free market. This type of currency is known as exchange currency and its price is determined based on central bank systems and supply and demand.
Exchange currency is assigned to some imported goods to reduce their final price in the country. Also, the allocation of exchange currency is only possible for the import of certain goods from certain countries, and this type of currency cannot be used for any goods from any source.
Exchange currency is provided in cash or by LC (Letter of Credit) at the request of businesses, but currently LC is not used. To make a currency transfer, 35% of the amount is blocked in the bank as collateral. This bond is assigned to the merchant to guarantee the import and clearance of goods and the use of special currency for remittance. After leaving the customs and receiving the customs license, the bond is released.
The list of goods that can be received in exchange includes the following:
Whey (the raw material of infant formula industry)
Crude corn oil
CBS oil
CBE oil
Anhydrous lactose (the raw material of milk powder production industry)
Lactose and lactose syrup
Cheese
Akhal Paneer, grated cheese
Cocoon silk, raw silk, silk waste
Butter and other fats
Veterinary drugs
Veterinary vaccines
Thank you
cocoa bean
cocoa pods
cocoa powder
Cocoa butter
cacao powder
Cereal grains (except types of wheat and barley)
yogurt
cheese grain
Cheese oil
leguminous vegetables (legumes)
Tea
Oat
Rice
One-day-old broiler chicken
Day-old laying chicks
One-day-old turkey meat chicken
Types of combines
tractor
Agricultural and horticultural machines and devices
Machines of production lines
Parts and components of trucks and buses
Agricultural pesticides and raw materials of agricultural pesticides
Grading and cleaning machines for agricultural products (Bujari)
corn sprouts
Olive oil and its components
Crude cottonseed oil
Sesame oil
This list of goods is only a part of the goods that can be purchased using exchange currency.
How to receive exchange currency
How to receive foreign currency is specified on the website of the Central Bank of the Islamic Republic of Iran at the address www.cbi.ir. The latest instructions for receiving exchange currency were announced on 15 Mehr 1991. According to this document, the central bank has communicated the executive instructions on how to buy and sell currency to the general offices of foreign exchange operations of the banking network.
Mellat, Tejarat, Sepeh, Saman, Parsian and Kashwarsi banks are known as agent and intermediary banks. The operating banks must have a Riyal account in Wasit Bank. The exchange rate is announced daily by the central bank. In order to receive information on order registration documents, it must be coordinated with the system of the Ministry of Industry, Mines and Trade, and according to current laws, currency exchanges are done for imported goods.
Banks send applicants’ information to the central bank’s currency monitoring through the currency portal. After confirming the information, the currency monitoring department of the central bank issues an assigned currency code and statistical registration certificate. After receiving the statistical registration certificate, the applicants have 15 working days to get the currency from the bank, and after this period, they must obtain permission to renew the statistical registration certificate. The currency allocation code is issued by the central bank. The operating bank can sell to the applicant by complying with the rules and regulations and according to the administrative process. When applying to the central bank, 100% of the Riyal equivalent must be provided through the agent bank. The operating bank must obtain a written commitment from the applicants to provide a goods clearance license when opening credit/registration for documents or remittances and providing collateral. so that in case of not providing the said permit, he should deposit the difference between the exchange rate and free currency to the bank.
