Examining the legal aspects of commodity exchange circular – Tejaratnews
According to Tejarat News, according to the new circular of the Stock Exchange Organization, starting next week, January 12, 1401, the base price of metals and petrochemical products will be calculated based on the Nima dollar rate.
Recently, the Stock Exchange Organization published a notice and based on it announced that starting Monday next week (January 12) for products such as aluminum, copper, zinc, lead, group of petrochemical products and the like, where the exchange rate is calculated in their base price, suppliers can Calculate and apply their base price based on the Nima dollar rate (Sena remittance system dollar) to the agreed dollar (Iranian currency market). In this regard, some have analyzed that the exchange notification of the commodity exchange will mean an increase in the price of raw materials such as aluminum sheet, copper, petrochemical materials, etc.
In this regard, Anoush Raham, the secretary of the Pipe and Profile Syndicate, stated: First of all, it should be considered that the Commodity Exchange is not in a position to determine the exchange rate instead of the Central Bank or the Ministry of Security, but it can only be done in cases where Government departments, such as the Ministry of Security or specialized offices related to the stock exchange, issue circulars in order to inform economic operators, issues or instructions.
He clarified: In addition, the mentioned circular is in conflict with the circular that the government issued about three weeks ago under the law of smuggling. In that circular, based on the approval of the Council of Ministers, which was approved at the suggestion of the Ministry of Security and the Central Bank, citing Note 6, Clause 2 of Article 2 of the Law on Combating Goods and Currency Smuggling, the government has specified that all exporters are required to pay 60% of the foreign currency amount. Return the items included in the customs license to the economic cycle. Also, in the note 1 of this article, it is emphasized that “all exporters of petrochemical products, refining, steel and non-ferrous metals and petroleum products are obliged to settle 100% of their export foreign exchange obligations through the sale of foreign exchange in the form of remittances in the NIMA system.”
New government conditions for industrial units
Raham continued: Therefore, in the situation where the government has assigned the exporting units to supply their currency in the Nima system and at the Nima rate, can they purchase raw materials from the upstream industries at the Sena rate and then to meet the foreign exchange obligations, sell it at the Nima rate? Nema cancel the commitment? Therefore, they lose 10,000 Tomans for every export dollar.
While stressing that this circular is not enforceable based on this, this industrial official said: The repeated circulars and orders that have recently been issued by the government have also involved us, and unfortunately we are facing a period in which legislation will be reduced in some way. has done. The number of laws presented by the government in the form of a bill and entered the floor of the parliament and finalized as a law, compared to many cases and exceptions that were issued through the Supreme Security Council or the government’s approval, has made a big jump and this issue is one of the The main problems now are the private sector.
If these companies are supposed to sell their goods at the world price in the commodity exchange or if they want to increase the price of their goods by increasing the exchange rate, why is it claimed that we do not sell the price of domestic inputs in dollars? Kurd: The Commodity Exchange is a company whose board of directors are mainly large companies such as Foulad Mobarakeh or Copper Company and others, which are the main determinants in the market and are, in other words, industrial parent companies. Now, if these companies are going to sell their goods at the world price in the commodity exchange or want to increase the price of their goods by increasing the exchange rate, why is it claimed that we do not sell the price of domestic inputs in dollars or they claim that domestic goods are based on Exchange rates are not valued?!
Increasing tension in the market with the new directive
He continued: today’s production units have currency transfer costs, excess export costs (about 8 to 10 percent due to the change in export routes) and the like. Therefore, even the small amount of foreign currency that the government insists the exporter must pay to the government will not help the government from a numerical point of view, nor will it solve the government’s problems; But for the production company, it is like a lubricating oil that turns the gear of the production activity better.
He emphasized: Within a month, a roof and two airs have been created; The government, with the approval of the cabinet, announces that all export currencies must be offered in the Nima system, and after that, the commodity exchange, which is not in a legislative position, issues a circular without any support that all upstream producers sell their goods based on the senate rate or agreed currency. Offer in the stock market. This issue is a clear example of hitting the market and creating tension in the market. These measures will not only help to improve production and also maintain export markets, but will have the opposite result.
According to Raham, the government knows that if a unit maintains exports in today’s conditions, it is a national hero; Because he makes every effort to provide the foreign exchange resources of the country; So why shouldn’t there be a capacity to build trust between the government, the sovereign and the exporter, so that part of the currency that returns to the country in the current economic conditions is at the disposal of the exporter?
Source:ISNA