behind the scenes of the import of tens of tons of gold to the country and the central bank’s strategy
According to Iran EconomistIn the new framework set by the central bank, the supply of foreign currency for importing gold from the foreign currency obtained from its exports and in the form of bullion, is subject to its delivery, supply and sale in the framework of the Iranian currency and gold exchange center. It was after this that some people raised the suspicion of the devaluation of gold in the exchange center and the creation of a new rent.
The story of the Central Bank’s recent circular regarding the “need to sell exporters’ gold in the exchange center” started when the Central Bank provided exporters with the possibility of “resolving the foreign exchange obligation by importing gold” months ago. After this, in order to refuse to return the foreign currency to the country, some exporters used to “rent gold bars abroad and import them into the country, and finally secretly smuggle them abroad and return them to the gold lessor”. With this action, the return of currency and gold to the country was practically ruled out. Evidence of this is the sharp growth of gold imports in customs reports. According to the customs announcement, nearly 20 tons of gold have entered the country in the first 9 months of this year.
After learning about this issue, the central bank required the exporters to register gold transactions in the exchange center in order to prevent gold smuggling abroad. It was after this decision of the central bank that the attack on the decision of the central bank began under the code names of “double rate of gold” and “new rent”. In response to these claims, the spokesman of the exchange center said: The pricing of imported gold will be based on supply and demand mechanisms, and there is no concern about pricing with remittance dollars and all that is called non-competitive pricing in this field.
According to the officials of the exchange center, the price of bullion in the exchange center is determined in a completely transparent manner with a base rate close to the market and based on supply and demand. Experts believe that with this action of the central bank, in addition to the realization of the gold import statistics, the desire of exporters to meet the foreign exchange obligation has increased because they can sell the imported gold at a free rate in the exchange center.