Details of government measures to stabilize the currency market
According to Iran Economist, quoted by IRNA news agency; The exchange rate in our economy is the main cause of economic instability, and this fluctuation signals other markets and causes their instability. One of the axes approved by the 13th government and the central bank is the policy of economic stabilization, stabilization and predictability of the currency market.
The 13th government, headed by the central bank, has predicted and implemented various measures and policies in this direction in the last two years. The central bank has adopted a total of 16 policies to manage the foreign exchange market, including providing currency for imported goods, setting up an exchange center, marginal intervention in the foreign exchange and gold market, reducing the return time of exported currency, providing travel currency to passengers at the airport, The connection of national messengers and other things mentioned:
Action 1) Provision of currency for basic goods
Supplying basic goods is the most important duty of governments and conditions must be provided so that people do not feel any problem in the field of supplying basic goods and necessities, and the central bank is obliged to provide the necessary currency for medicine, treatment and basic goods.
In this regard, the Governor General of the Central Bank has tried to restore stability to the market by implementing the currency policy of basic goods and medicine instead of government currencies and prevent the emotional increase in rates. Based on this, after removing 4,200 Tomans currency, which, according to many economic experts, caused corruption and rent, the central bank determined the supply of currency needed for the import of basic goods at the rate of 28,500 Tomans in the framework of the Nima system.
Second action) Setting up a currency and gold exchange center
In another action, the central bank established the currency and gold exchange center with the aim of creating authority for the exchange rate through the official currency market channel, providing foreign currency sources from the exports of petrochemical, copper, mining, steel, oil refining, bitumen and other exporters in Havala hall. foreign exchange to importers of non-essential goods, responding to all the real foreign exchange needs of service heads, changing the approach of monitoring the country’s foreign exchange resources and expenses from the post-monitoring mode to the previous monitoring mode, amending the executive directive for the sale of currency notes through depositing into a foreign currency bank account, cooperating with the ministries of industry Agriculture and Health Jihad launched intervention in the foreign exchange and gold market by selling currency to individuals and offering coins in the commodity exchange for the compatibility of the country’s currency and trade map.
Third action) Reducing the deadline for the return of export currency to 80 days
One of the challenges of the country’s economy is the return of export currencies to the economic cycle. In the past years, the root of many currency tensions and inflammations is related to the disruption in the return of export currencies and the reduction of currency supply in the systems.
Therefore, in continuation of the policy of stabilizing the foreign exchange market, the central bank in a decree reduced the period of return of foreign exchange for companies such as petrochemical, steel and refining companies from 125 days to 80 days.
According to the high-handed laws approved by the Supreme Coordination and Economic Council and the Law on Combating Smuggling of Goods and Currency, all exporters are required to return their currency to the economic cycle in the form of a currency transfer in the NIMA system or in the form of selling banknotes to the bank or in other ways. .
Step 4) Easing the conditions for importing gold into the country
The central bank of Bahman 1401 eased the conditions of importing gold into the country in a decree. According to this resolution, the requirement to open a letter of credit for gold import was removed, and after that importers can import gold using all methods and means of payment.
Also, the restriction on the use of the importer’s own foreign exchange resources for importing gold was removed, and the use of foreign exchange resources obtained from own exports, other people’s exports, and other people’s currency was also provided for importing gold. In addition, facilities related to the registration of information entered in the currency supply system were considered.
Step 5) Receiving export currency at the airport
Another thing that led to disruptions in the currency market was travel currencies, which in the past years saw various violations in this regard, including the renting of national cards from individuals. In order to solve this problem, the Central Bank made the provision of travel currency dependent on the provision of a ticket and passing through the airport gate; Therefore, real applicants for travel currencies can receive bills by presenting their documents at the airport to receive the currency they need.
Action 6) Preventing unrealistic currency requests
Also, the central bank, in another measure to prevent unrealistic requests for foreign currency to import and receive foreign currency without people taking action to import goods, ordered that the equivalent of the amount of foreign currency be blocked in the applicant’s account with banks so that people do not receive foreign currency imports under false pretenses.
According to the circular for managing the foreign exchange market and preventing the creation of unrealistic requests for foreign currency allocation, which was announced in January of last year, banks and credit institutions are required to freeze the amount of foreign currency in the applicant’s accounts at the time of creating or renewing the statistical registration certificate to the specified amount. Make a currency allocation deposit.
Seventh action) connecting the national messenger of Iran and Russia
In February 1400, the central bank signed a memorandum of understanding with Russia, based on which the cooperation and relations between the banks, merchants and traders of the two countries were provided away from sanctions. Based on that, applicants can open accounts in the two mentioned countries (Iran and Russia) and use the bank cards of each country in the opposite country.
Action 8) Trade interaction using the capacity of the Asian Exchange Union
The most important event this year was holding the Asian Exchange Summit in the country. The Barter Union was formed in 1970 with the aim of reducing the need for dollars in currency exchanges between members, and now 9 countries are members of this union, and the government and the central bank are trying to reduce dependence on the dollar by conducting business interactions with the countries of the region in the context of the Asian Barter Union. .
According to this report, focus on the purchase of foreign currency notes and clearing the export obligation in the National Bank, sell foreign currency to meet essential needs (Chapter 56) through depositing in a foreign currency account with banks, adopt an active approach in regional diplomacy in the field of monetary and foreign exchange, and marginal intervention in the market. Foreign currency and gold through the sale of foreign currency to people subject to foreign currency deposits with banks and the supply of coins in the commodity exchange were other policies of the central bank in controlling the foreign exchange market and stabilizing it.