Foreign Exchange Obligations تعهدات ارزی

Foreign Exchange Obligations

Foreign Exchange Obligations

Foreign exchange obligations are a type of obligation on the part of importers of goods with the issue of reselling the purchased currency to domestic banks. Due to the restrictions that our country is facing in terms of foreign exchange resources, the sale of foreign currency to importers of goods and services is subject to the import of goods and services within a certain schedule and during the customs clearance process. As a result of the aforementioned commitment, if the importers do not comply with this condition, they will be required to resell the purchased currency to domestic banks.

Features of Foreign Exchange Obligations

We have such commitments in two general and special senses.General currency obligations include all obligations related to currency. In fact, this group of obligations is related to the private rights of individuals. Like a dollar debt that one person owes to another.
On the other hand, special currency obligations include special issues that distinguish them from other issues that are based solely on currency due to their special features. This category is outside of private rights and has a public aspect.

Specific Features to Certain Foreign Exchange Obligations

1. In such obligations, the central bank is a direct or indirect beneficiary.
2. Funds in this category of obligations are provided by the central bank for specific consumption. Therefore, its use in the designated area should be proven. If it is proved otherwise, the funds must be returned to the banking system.
3. In the special type of commitments, the relevant funds are transferred between at least two governments that have political independence.

The Country’s Currency Balance

The meaning of this balance is to establish a balance in the country’s foreign exchange income and consumption. If the country finds itself in a situation where their foreign currency expenses are more than their foreign currency income, that country will have to borrow foreign currency.
Therefore, the obligations that have the characteristics of special currency obligations and are fruitful in creating the currency balance of the country are considered special currency obligations. The regulations governing the creation of a specific type of these obligations, the fulfillment of obligations and the guarantee of related executions are among the mandatory laws.

Foreign Exchange Obligations تعهدات ارزی
Currency Balance (C.B)

Currency Violations of Importers

Such violations can be presented in three categories:
1. Failure to provide a customs green permit
2. Expensive sale of goods
3. Reducing the unloading of goods

The cause of these violations can be evaluated as the currency price in the banking system compared to the free market is lower. Because of this difference in the price of currency in the banking and non-banking system, the import of goods is done with the motive of leaving the country and earning more profit from this price difference. This issue also ultimately leads to currency violations.

Types of Foreign Currency Obligations

According to the type of violations, foreign exchange obligations are divided into 3 categories:
1. due to non-arrival of goods
2. caused by the quantity of imported goods
3. due to the quality of the imported goods

Settlement of Foreign Exchange Obligations

All the exporters of goods abroad must return the currency obtained from the export to the economic cycle of the country according to the rules and regulations mentioned in this topic. The purpose of this work is for the government to have accurate statistics of people and companies that are active in the field of export. As a result, it can be ensured that the currency obtained from the export of the goods that have been given the export license has been re-entered the country or not.

Foreign Exchange Obligations تعهدات ارزی
Foreign Exchange Obligations (F.E.O)

Methods of Resolving Obligations

1. If, as an economic operator in the field of goods export, we realize our foreign exchange obligation, it is necessary to obtain the amount of our obligation from the currency exchange and register it in the NIMA system. In this way, by providing 70% of our foreign exchange obligation, we can get a tax exemption.

2. We can agree with the merchant who needs currency and receive the currency imported into the country from the customer and transfer it to the supplier.

Up To Sum

The topic of currency obligations is one of the controversial topics in the field of trade and export of goods. Due to the lack of foreign exchange resources in the country and the existence of many violations in the field of export and import, the evaluation of these obligations can be a way to make sure that exports are carried out correctly and their currency is collected for the country.

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