BAKU, Azerbaijan, Oct. 19
By Elnur Baghishov – Trend:
A total of $1.7 million worth of currency was bought by exchange offices in Iran yesterday on Oct. 18, Trend reports citing Central Bank of Iran (CBI).
According to the report, the Central Bank of Iran put up $74 million worth of currency for sale yesterday.
“While on Oct.14, about $73 million worth of currency was put up for sale but only $600,000 was bought by exchange offices,” the report added.
Furthermore, about $126 million worth of currency was sold to banks by exporters at the NIMA rate yesterday, the report noted.
According to the report, however, about $134 million worth of currency was sold to banks by exporters at the NIMA exchange rate on Oct. 14.
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.