According to the National Petrochemical Company (NPC), an annual plan
is devised at the start of each year to monitor the return of foreign exchange
earnings. This plan, developed in coordination with petrochemical companies,
considers each entity’s forecasted export revenues and essential currency
needs, such as procurement of chemicals, catalysts, spare parts, and financing
for development projects. The plan is then reported to the Central Bank of Iran
(CBI) in collaboration with the Ministry of Petroleum.
Under Clause 1, Article 8 of the Executive Regulation of the
Anti-Smuggling Law, foreign exchange allocations for imports of raw materials,
goods, and services required by petrochemical and refining companies, as well
as debt repayments approved by the Ministries of Petroleum, Industry, Mines,
and Trade, are classified as the return of export earnings. These transactions
may take place through direct imports, export offset mechanisms, or barter
arrangements.
In compliance with these regulations, petrochemical companies allocate
a portion of their export proceeds to essential imports under NPC supervision.
The remainder is injected into the banking system through NIMA, following directives
issued by the CBI. Since February 2024, all foreign exchange earnings have also
been processed via the Foreign Exchange Market Center.
Recent figures from the CBI indicate that nearly €9.15 billion in
petrochemical export revenues were returned to the economy in the first ten
months of 2024, maintaining parity with the same period in 2023. Additionally,
91% of matured foreign exchange commitments have been fulfilled since the
beginning of the year, with NPC actively pursuing the settlement of remaining
obligations.
Discrepancies between CBI-controlled figures and self-reported
exporter data may exist, NPC stated. To address these discrepancies, NPC has
called for direct access to Iran’s commercial forex trading platform. Efforts
are underway through the Ministry of Industry, Mines, and Trade and the CBI to
facilitate this access and enhance transparency in foreign exchange operations.