TEHRAN - The Central Bank of Iran (CBI) has provided $20 billion in foreign currency for importing basic goods and commodities, medicines, and commercial goods since the beginning of the current Iranian calendar year (March 19, 2024) up to July 14, IRNA reported.

Based on the CBI data, the country's foreign currency earnings reached $25.5 billion dollars in the first quarter of the current Iranian calendar year (March 20-June 20). During this period, the country's trade balance has increased by 51.3 percent compared to the same period last year.

In the first three months of this year, the oil and non-oil exports of the country reached $25.5 billion, 18.6 percent more than the $21.5 billion in the same period last year.

Back in March, Iran’s Expediency Discernment Council authorized the government and the state management apparatuses, including the CBI, to spend 13.6 billion euros at a preferential exchange rate for the import of basic items such as agricultural products, medicine, and its raw materials as well as medical equipment.

Council members took the decision on the import fund allocation while meeting under the chairmanship of Ayatollah Amoli Larijani to discuss and review the budget for the current financial year.

They stressed that the government would offer preferential rates for clearing or exchanging foreign resources resulting from the export of oil, gas, and gas condensates for the import of “only basic agricultural goods and medicine”, the list of which was approved by the Council of Ministers at the end of April.

The imports are overseen by a working group consisting of the first vice president, the head of the central bank, the head of the country's planning and budget organization, the minister of economic affairs and finance, the minister of agriculture as well as the minister of industry, mining, and trade.

The Minister of Health along with other relevant bodies are also required to implement and monitor the allocation, distribution, and use of currency for medicine and equipment.

In addition, the central bank is obliged to prepare monthly reports on the implementation of Clause 4(A) of the Budget Law.

EF/MA