Iranian petchem companies under fire for failing to return export proceedings

Iran’s petrochemical companies are being criticised by economic experts and the Central Bank of Iran (CBI) for failing to calm a hard currency crisis that has exacerbated the country’s inflation problem.

On March 10, the CBI noted that the companies had been unable to return 30% of the hard currency they had earned from exports since March 2024 and 12% of the previous year’s export proceeds.

The country’s state-run petrochemical majors are required by law to sell hard currency earned from exports on an exchange market regulated by the CBI. In this market, importers are able to access lower currency rates compared to options out on the free market.

Despite calls to return the missing funds, the companies have shifted blame to US sanctions and the associated costs that come along with them. According to the companies, the policy has been largely responsible for delays in returning revenue.

Comments from the CBI emerged shortly after Ayatollah Seyyed Ali Khamenei blamed large-scale economic issues in Iran on the failure of state-owned companies to return their export proceedings. The problems have likely been compounded by the increasing price of the US dollar – along with other international currencies – on the Iranian market.

Supporting calls from the CBI and the Ayatollah, Iran’s Fars news agency similarly revealed that metal companies and petrochemical plants had failed to return around $6.4bn worth of export proceeds in 11 months on March 10, quoting figures released by the Supreme Audit Court of Iran – which listed the entities as responsible for more than half of total liabilities related to the return of export revenue between April 2024 and February 2025.

Experts quoted by Iranian media outlet PressTV said that an increase in currency prices could have a severe impact on the Iranian economy.