BAKU, Azerbaijan, June 20
By Elnur Baghishov – Trend:
About 2.76 billion euros were sold to Iranian banks at the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks) during the first 3 months of current Iranian year (March 20 -19 June 2020), Trend reports citing official website of NIMA.
More than 998 million euros were sold to banks at the NIMA rate in the third month of the current Iranian year, (May 21-June 19), according to the report.
About 531 million euros were sold in the first month (March 20-April 20), while in the second month the figure was 1.18 billion euros. Meanwhile, so far (from July 2018 to June 19, 2020), a total of 30.7 billion euros has been sold at the NIMA exchange rate.
"Iran sold 11.1 billion euros at the NIMA rate from July 23, 2018 to March 20, 2019, the report said. “About 16.1 billion euros were sold at the NIMA exchange rate in the last Iranian year (from March 21, 2019 to March 20, 2020)."
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. Thus, the government created NIMA exchange rate for exporters to sell a portion of their export earnings to banks.
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 183,000 rials and 1 euro equals 204,000 rials; while at NIMA rates, $1 equals 157,000 rials and 1 euro equals 179,000 rials.