BAKU, Azerbaijan, April 28. The sale of foreign currency obtained from exports in Iran to local banks under the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks), increased by about 90 percent, in the 1st month of the current Iranian year (March 21 through April 20, 2022), compared to the same month last Iranian year, Director General of the Central Bank of Iran (CBI), Ali Salehabadi said, Trend reports citing the bank’s website.
The director general said that Iranian exporters sold more than $3.1 billion worth of various foreign currencies to the country's banks in the first month.
Salehabadi added that in the first month, the bulk of foreign currency earnings from exports, especially from oil exports, were paid to the Central Bank of Iran.
“At present, there are no problems with the country's currency supply, and in the first month, $11 billion was allocated for various purposes,” he said.
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.
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 264,383 rials, and the price of $1 is 250,723 rials.
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