Chief supervisor: Iranian petrochemical companies fail to repatriate 30% of export revenues

The failure to comply with legal obligations has been criticized by many experts and officials, who accuse major companies, including government-affiliated petrochemical firms, of withholding foreign currency earnings.

Petrochemical companies claim that out of $11.5 billion in exports this year, they have repatriated and supplied $9 billion, with the remaining $2.5 billion used to purchase essential goods for the industry.

However, the Central Bank auditor, Alireza Abedini, disputes the claim, stating that last year, 88% of the export revenue was repatriated, and this year, the figure has dropped to 70%.

Abedini emphasized that all export revenues must be returned to Iran’s economic cycle under anti-smuggling laws. Non-compliance has led to legal actions, with cases referred to the Court of Audit’s prosecutor’s office.

The issue of unreturned export revenues has been a significant challenge for Iran’s economy, especially since the US withdrawal from the JCPOA nuclear deal and subsequent currency crises.

The Central Bank plans to impose banking restrictions on violators and has issued new guidelines to manage foreign exchange resources and regulate the return of export revenues.