Iranian petrochemicals receive further subsidies

After oil, petrochemical products are Iran’s largest exports. Shargh writes that petrochemical exporters have opposed the Government’s plans to sell their foreign currency at NIMA online-platform.

This forces them to exchange their foreign currency at the fixed official rate of 42.000 IRR for each dollar. Several petrochemical exporters therefore have begun under-reporting their foreign income.

In order to garner favor, the Government has promised to provide petrochemical feed at a dollar exchange rate of 38000 IRR per USD. In return, the currency earned from export of petrochemical goods is to be sold via the NIMA online-platform at 42000 IRR per USD.

Shargh continues that the petrochemical plants have agreed to this plan. Although this plan may lead to increased corruption, it seems that the Government is in need to physical foreign currency.

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