The Central Bank of Iran said it allocated close to $2.5 billion for importing of wheat, corn, barley, soybean meal, oilseeds, oil, rice, fertilizers, and other essential commodities since the beginning of the current fiscal year in late March.
"This was more than twice the amount allocated for the same goods during the corresponding period last year," the CBI said in a press release seen on its website.
It recalled global projections on the possible decline in prices of essential goods next year. "This, along with the expected improvement in production conditions, will contribute to reducing our import needs and foreign currency expenditure.”
The regulator said in the last fiscal year the Ministry of Agriculture ordered key items, including corn, soybean meal, oil, barley, wheat, oilseeds, rice, and meat worth $16 billion, which was up 28% on the year before.
In the last three months of the previous year, more than $4.2 billion was allocated to the Ministry of Agriculture.
The CBI has established a committee to assess the import needs of key sectors and ensure forex supply. The committee is to define the requirements and currency resources for each sector. This measure was introduced to help prevent entities from exceeding the allocated orders.
The CBI says it has implemented special measures to balance trade and forex policies and optimize use of foreign currency.
To curb registration of dubious imports, it is decided to impose restrictions on the registration of imports and use local currency during the registration process.
This should help create a favorable environment for expediting currency allocation for genuine and verifiable needs.