Iran's Central Bank (CBI) operationalised foreign currency allocation and provision for all import orders valued under $50,000, covering more than 3,000 producers, Young Journalists Club reported on September 23.

Following a decision made pursuant to the Central Bank governor's directive, currency allocation for import orders in the $50,000 to $100,000 range will also be implemented after review next week.

The Central Bank announced that conditions for clearing goods currently held at customs requiring currency allocation will be facilitated in coming days, with necessary information to be provided accordingly.

This move represents the Iranian government's effort to support smaller manufacturers and importers who have faced significant challenges accessing foreign currency for essential imports amid international sanctions. The prioritisation of smaller orders suggests authorities are focusing on supporting small and medium enterprises that form the backbone of Iran's manufacturing sector.

The decision comes as Iran continues managing foreign currency reserves under international sanctions whilst attempting to maintain industrial production and supply chains.

By processing smaller import orders first, the central bank appears to be targeting maximum impact for the greatest number of businesses.

The phased approach indicates systematic processing of accumulated import orders, with the next tier of $50,000-$100,000 orders scheduled for review and approval in the following week.