Iranian expert: official rate of $1 - 42,000 rials to be gradually annulled

Business Materials 13 May 2019 15:25 (UTC +04:00)

Baku, Azerbaijan, May 13

By Elnur Baghishov – Trend:

The foreign currency obtained as a result of export is not being returned to Iran's economy due to NIMA system, expert in the Iranian investment market Alirza Qudrati said.

There is a big difference between the prices in the NIMA system and in the black market, Qudrati added, Trend reports referring to ISNA.

He added that the official exchange rate $1 - 42,000 rials will be gradually annulled.

This will lead to an increase in the stock prices in the investment market, Qudrati said.

Commenting on the sharp drop in the prices in the stock market, the expert said that an increase and decrease in the prices in the stock market should be perceived normally because there is usually such a situation in this market.

He added that this Iranian year (started on March 21, 2019), the prices increased in the investment market and many stocks increased in price.

The prices have recently decreased in the stock market due to the political issues between Iran and the US. As a result, many stockholders sell their stocks, he said.

In Iran, the official exchange rate is used for the import of some essential products.

The SANA system is a system announced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 168,959 rials, and the price of $1 is 148,406 rials.

NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from the sale non-essential goods and export. The price of 1 euro in this system is 111,666 rials, and the price of $1 is 100,461 rials.

In the black market, $1 is worth about 146,000-149,000 rials, while 1 euro is worth about 165,000-168,000 rials.