BAKU, Azerbaijan, May 13
By Elnur Baghishov - Trend:
Iran is able to fully provide for the import of necessary products, said Director General of the Central Bank of Iran (CBI) Abdul-Nasser Hemmati, Trend reports citing CBI’s official website.
According to Hemmati, neighboring countries have taken preventive measures against the spread of the coronavirus in Iran, as most border customs are closed, most exchange offices have been closed as well.
Hemmati added that despite these, over the past 50 days, the CBI and non-oil exporters have provided $2.5 billion worth of funds.
Hemmati said that about 50 percent of these funds have been provided through the NIMA system.
"With the gradual recovery of Iran's oil and non-oil exports, the Central Bank predicts that non-oil exports and foreign exchange reserves will bounce back," he said.
Hemmati said that Iranian citizens can invest in stock exchange, banking, real estate, currency, gold. However, the risk of investing in the foreign exchange market is high.
Iran's foreign trade turnover exceeded $3.5 billion in the first month of the current Iranian year (March 20-April 19, 2020). Iran exported $1.6 billion worth of product and imported products worth $1.9 billion in total.
Following the devaluation in Iran in 2018, the Central Bank of Iran applied the sale of part of the currency earned from exports at the rate set by the NIMA system, taking into account the difference between the black market and the official exchange rate. 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,
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.