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Iran reveals amount of currency sold at NIMA exchange rate

Finance Materials 21 May 2020 09:52 (UTC +04:00)
Iran reveals amount of currency sold at NIMA exchange rate

BAKU, Azerbaijan, May 21

By Elnur Baghishov - Trend

Iranian exporters sold 1.71 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 first two months of current Iranian year (began March 20, 2020), Trend reports citing official website of NIMA.

According to statistics, this amount is 55 percent lower compared to the same period of the last Iranian year.

"More than 3.4 billion euros were sold at the NIMA exchange rate in the same period last Iranian year,” the report said.

The largest volume was sold at the NIMA exchange rate in the week from May 9 through May 14. Thus, the exporters sold 326 million euros to banks at the NIMA exchange rate during the week.

"About 1.18 billion euros were sold to banks at the NIMA exchange rate in the second month from April 20 through May 20, 2020," the report said.

Iran's national currency experienced devaluation in summer of 2018. Thus, the price for $1 on the black market jumped from 35,000 rials to more than 200,000 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 and 1 euro equals 46,000 rials; at SANA rates, $1 equals 173,000 rials and 1 euro equals 187,000 rials; while at NIMA rates, $1 equals 153,000 rials and 1 euro equals 167,000 rials.

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