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Iran’s CBI discloses amount of currency sold at NIMA exchange rate

Finance Materials 30 August 2021 09:19 (UTC +04:00)
Iran’s CBI discloses amount of currency sold at NIMA exchange rate

BAKU, Azerbaijan, Aug. 30

By Elnur Baghishov – Trend:

Iranian banks sold $153 million worth of various currencies to importers in Iran at the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks) on August 28, Trend reports citing Central Bank of Iran.

According to the report, a total of $360 million worth of various currencies were put up for sale at the NIMA exchange rate on August 28.

These funds were exchanged at an average of 230,304 rials for $1 dollar.

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 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.

According to the official exchange rate in Iran, $1 equals 42,000 Iranian rials and 1 euro equals 49,000 rials.

The SANA system is a system introduced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 321,000 rials, and the price of $1 is 272,000 rials.

NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from export. The price of 1 euro in this system is 272,000 rials, and the price of $1 is 231,000 rials.

In Iran, the official exchange rate is used for the import of some essential products.

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