Sales of foreign currency to Iran’s NIMA system accelerated

Finance Materials 11 April 2019 10:23 (UTC +04:00)

Baku, Azerbaijan, April 11

By Elnur Baghishov – Trend:

More than 420 million euros have been sold to Iran’s NIMA system during the current Iranian year (started March 21, 2019), Trend reports referring to the website of the Central Bank of Iran.

According to the Central Bank of Iran, 1 euro was sold at 108,000 Iranian rials.

According to the report, the foreign currency was sold and purchased by exporters and the Central Bank in order to ensure the import of products needed by Iran.

Foreign currency needs of the Iranian industry sector were met with more than 50 percent of the currency sold during this period.

In Iran, the official exchange rate – where the price of $1 currently stands at 42,000 rials – 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 158 rials, and the price of $1 is 142,000 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 111,000 rials, and the price of $1 is 89,700 rials.

In the black market, $1 is worth about 140,000-145,000 rials.