Amount of funds sold to Iran's banks for NIMA exchange rate drops
BAKU, Azerbaijan, May 12
By Elnur Baghishov - Trend:
Iranian exporters sold 1.2 billion euros to banks at the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks) during March 20-May 10, 2020, Trend reports citing official website of NIMA.
According to statistics, the amount of these funds decreased by 56 percent compared to the same period of the last Iranian year.
“In addition, 883 million euros were sold to importers at the NIMA exchange rate during the period,” report said.
“This figure decreased by 61 percent compared to the same period last Iranian year,” the report said.
According to statistics, on May 10, the price of 1 US dollar for the sale of foreign exchange earnings was 156,100 rials. This price was 98,780 rials on the same day last Iranian year and this is an increase of 58 percent compared to the last Iranian year.
Iran experienced devaluation in summer of 2018. Thus, the price for $1 on the black market has jumped by than 200,000 rials, from 35,000 rials. With the intervention of the Iranian government on the foreign exchange market, the US dollar has fallen to some extent.
According to the currency exchange rate of the Central Bank of Iran, $1 equals 42,000 rials, 1 euro equals 46,000 rials, based on the exchange rate offered to banks, $1 equals 160,000 rials, 1 euro equals 176,000 rials (SANA), $1 equals 137,000 rials (NIMA) and 1 euro equals 169,000 rials.