BAKU, Azerbaijan, September 13
By Elnur Baghishov – Trend:
The Central Bank of Iran (CBI) will spare no effort to cooperate with exporters on returning the currency earned from exports to the country's economy, Director General of the Central Bank of Iran (CBI) Abdolnasser Hemmati said at a meeting with a group of exemplary exporters, Trend reports citing CBI.
According to Hemmati, because exporters play major role in the Iranian economy, and it will take the collective effort and diligence of exporters to overcome the current difficult situation.
He added that at the same time, the Central Bank of Iran understands the problems of exporters and does not intend to put pressure on them.
The director general stressed that there has been a positive trend in currency trading at the NIMA exchange rate in recent days.
"Thus, $128 million was put up for sale yesterday (September 12) at the NIMA exchange rate, and more than $70 million of it was sold," he said.
Hemmati noted that on this basis an average of $100 million a day has been put up for sale in Iran at the NIMA exchange rate.
The director general said that as a result, this reflects the fact that the currency earned from exports in Iran is constantly returned to the country's economy at the NIMA rate.
The Central Bank of Iran (CBI) has created a NIMA system in 2018 for exporters to sell a portion of their export earnings to banks to eliminate the shortage of foreign currency in the country for various reasons (sanctions, economic situation, etc.). In this system, exporters who earned more than 1 million euros from export a year must sell a portion of their export earnings to banks at the NIMA rate. Later, banks used to sell foreign currency to importers for the import of several products at this rate.
The Central Bank of Iran has not imposed the rules on exporters that earned from export less than 1 million euros a year.
Those with total exports of one to three million euros per year are required to offer 50 percent of their received foreign exchange from the government through the NIMA system.
The exporters with annual exports of three to 10 million euros are obliged to offer 70 percent.
Those with exports of above 10 million euros per year must offer 90 percent of the received foreign exchange at NIMA.