BAKU, Azerbaijan, September 24
By Elnur Baghishov – Trend:
About 1.63 billion euro worth of currency was sold to the Iranian banks at the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks) in 6th months of the current Iranian year (August 22-September 21, 2020), Trend reports referring to NIMA’s official website.
According to the report, the amount of currency sold at the NIMA exchange rate increased by 98.2 percent compared to the 5th month of the current Iranian year (July 22-August 21, 2020).
A total of 6.7 billion euro worth of currency was sold to Iranian banks at the NIMA exchange rate during the first six months of the current Iranian year (March 20-September 21, 2020).
|
Months |
The sales of the currency earned from exports at the NIMA exchange rate |
The sales of currency at NIMA exchange rate by banks for imports |
|
1st month of the current Iranian year (March 20 -April 19, 2020) |
531 million euro |
414 million euro |
|
2nd month of the current Iranian year (April 20-May 20, 2020) |
1.23 billion euro |
762 million euro |
|
3rd month of the current Iranian year (May 21- June 20, 2020) |
1.08 billion euro |
622 million euro |
|
4th month of the current Iranian year (June 21- July 21, 2020) |
1.41 billion euro |
897 million euro |
|
5th month of the current Iranian year (July 22- August 21, 2020) |
821 million euro |
532 million euro |
|
6th month of the current Iranian year (August 22- September 21, 2020) |
1.63 billion euro |
1.34 billion euro |
|
Total |
6.7 billion euro |
4.57 billion euro |
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.