Allocation of Import Currency with the Specialized Services of Rahamco’s Trading Department
Introduction
Currency allocation for imports is considered one of the most crucial and impactful stages in the official import process of goods into the country. The issuance of a currency allocation permit is a legal and administrative prerequisite for customs clearance of goods. Receiving this permit from authorized bodies such as the Central Bank of the Islamic Republic of Iran plays a decisive role in legitimizing the import process.
As your reliable partner and consultant throughout all stages of importing goods, Rahamco’s Trading Department provides the most up-to-date and transparent legal and technical information in this field.
Understanding the Banking Currency Allocation Process
1. Definition and Importance of Import Currency Allocation
Currency allocation, or foreign currency financing, is a legal process in which the Central Bank—observing governmental regulations—provides the foreign currency requested by the importer and authorizes the transfer of funds to the foreign seller.
Without obtaining this permit, the legal clearance of goods is impossible, and any financial transfer is considered unauthorized based on the country’s foreign exchange regulations.
Rahamco’s Trading Department offers all services related to obtaining the currency allocation permit, submitting requests through legal platforms, and pursuing banking processes with the utmost care and legal transparency.
2. How Currency Is Allocated and Paid to Importers
- Registering the currency allocation request via the Integrated Trade System (SAMANEH JAM’E TEJARAT) and the NIMA system (NIMA)
- Document review and approval by the selected agent bank and the Central Bank
- Allocating currency quotas in accordance with commodity regulations and group prioritization
- Payment through remittance, opening a letter of credit, or other established methods, execution via the agent bank, with transfer authorization to the seller
- Presenting payment documents to customs authorities for goods clearance
3. Currency Allocation Timeframe
According to currency allocation regulations and procedures, the waiting period for receiving governmental or NIMA currency can vary:
- Requests with a governmental or NIMA source: Usually up to 30 days after submitting the allocation request and completing the documentation
- Provision of currency via export proceeds or personal deposits: Up to one working day
- All processes require alignment of order registration information, tariff payments, and approval of legal documents.
Types of Currency for Legal Importation of Goods
Governmental (Preferential) Currency:
Allocated by the Central Bank according to support policies for essential goods, production raw materials, and priority items.
NIMA Currency:
Provided through the NIMA platform and the interbank market; the rate is set by supply and demand and subject to group regulations.
Free Market Currency:
Allocated based on open market rates, outside governmental ceilings. Usually, this is not covered by Central Bank allocations.
Personal/Export Currency Sources:
Importation against own or third-party exports, subject to legal procedures and approval by the competent authorities.
Legal Steps for Import Currency Allocation
- Obtaining the import order registration permit and registering it in the Integrated Trade System (ntsw.ir)
- Choosing the agent bank and submitting legal and commercial documents
- Registering the currency allocation request with the NIMA system or agent bank
- Assessment of importer’s eligibility and document verification by the agent bank and the Central Bank
- Issuing the currency allocation permit according to item type, commodity group, and quota
- Executing the currency transfer or opening a letter of credit for the foreign seller, based on the proforma invoice and commercial documents
Classification of Goods Based on Currency Allocation Guidelines
The Ministry of Industry, Mine and Trade and the Central Bank classify goods for currency allocation as follows:
- Group 1: Raw materials, basic goods, medicines; covered by governmental currency at the preferential rate
- Group 2: Industrial equipment and intermediate goods; mainly supplied via export proceeds (such as petrochemical, steel, etc.)
- Group 3: Consumer goods; usually require free market or non-bank currency resources
- Group 4: Prohibited or unauthorized imports; not eligible for any currency allocation
Legal and Operational Challenges of Currency Allocation
- Goods Held in Customs: Due to delays in currency allocation and transfer
- Unpredictable Currency Fluctuations: Creating financial uncertainty and losses for importers
- Implementation of NIMA Platform: Occasionally NIMA’s rate exceeds the free market rate, forcing the official rate, which may disadvantage importers
- Document Matching and Regulatory Discrepancies: Some traders, who imported under previous regulations, face document matching and clearance issues
- Tighter Controls and Currency Transfer Restrictions: Increased oversight and controls over currency outflow have increased transparency but added legal requirements and delays
Summary and Rahamco Trading Department’s Advisory
With its expert team in financial, legal, and trade affairs, Rahamco’s Trading Department is ready to offer comprehensive consultancy, administrative and follow-up services—both in-person and remotely—for import currency allocation for individuals and businesses:
- Providing legal solutions to address currency allocation and fund transfer issues
- Drafting and matching documents according to up-to-date regulations
- Pursuing the issuance and implementation of required permits, with full transparency and legal compliance
- Managing exchange rate risks, and offering advice on the most suitable currency for each item
- Supporting and advising you until your goods are fully cleared from customs
For specialized consultation, please contact our experts: