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Iran’s Expediency Discernment Council has authorized the government and the state management apparatuses, including the Central Bank of Iran (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.
According to IRNA, 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 next 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, will be approved by the Council of Ministers by the end of April.
According to the report, the imports will be 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 agricultural as well as the minister of mining industry 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. As announced by the Islamic Republic of Iran Customs Administration (IRICA), 22.881 million tons of basic commodities worth $17.826 billion were imported to the country during the first 11 months of the current Iranian calendar year (March 21, 2023-February 19, 2024). As reported, the 11-month import of basic goods rose 1.3 percent in terms of weight, and fell five percent in terms of value, as compared to the same period of time in the previous year.
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