It was possible to provide currency to non-production units of free zones through the exchange center

The restriction on the use of non-manufacturing units located in free zones from the currency source of the exchange center at the direct transaction rate was removed with the follow-up of the Secretariat of the Supreme Council of Free and Special Economic Zones. The post It is possible to provide foreign currency to non-production units of free zones through the exchange center appeared first on Safir Arjan.

According to Ambassador Arjan, following the continuous follow-up of this secretariat and with the amendment of the Central Bank's foreign exchange rules, it was possible for non-manufacturing units located in the free zones to use the foreign exchange source of the exchange center at the direct transaction rate.

Based on this amendment, the non-production units of the free zones can from now on, like the production units, benefit from the aforementioned mechanism to provide the currency needed for their economic activities; A possibility that was previously only available to production units.

This action has been taken in order to facilitate commercial and service activities, reduce currency restrictions and improve the conditions of economic activity in free zones, and it can help smoothen commercial processes and remove some of the obstacles facing non-production units.

The rules related to this amendment were applied on Thursday, October 23, 1405 in the central bank's comprehensive foreign exchange system, and applicants have been provided with the opportunity to benefit from this mechanism.

Also, with the follow-up of the Secretariat of the Supreme Council of Free and Special Zones and the approval of the working group on the return of foreign currency from exports, the possibility of resuming the commercial activity of export-oriented production units was provided.

In line with the support of production units and non-oil exporters and with the aim of removing the obstacles to commercial activities, the commercial cards of export-oriented production units that were blocked for various reasons were reopened for 90 days with the continuous follow-up of the Secretariat of the High Council of Free and Special Economic Zones and based on the resolution of the 47th meeting of the working group on the return of foreign exchange from exports located at the Central Bank.

This action has been carried out with the aim of facilitating business processes, helping to continue the activities of production and export companies, and providing the basis for the continuation of non-oil exports.

Also, the necessary follow-ups to determine the assignment of export foreign exchange obligations resulting from the procedure of "temporary entry" in commercial-industrial free zones are still on the agenda of the Secretariat of the Supreme Council of Free and Special Economic Zones. These follow-ups are related to the files that were sent to the central bank before the aforementioned procedure was systematized.

It should be noted that the aforementioned measures are followed with the aim of facilitating the fulfillment of foreign exchange obligations, reducing administrative obstacles and helping the continuation of the activities of companies operating in free zones; An issue that can play an effective role in improving business processes and supporting the export capacities of production units.