BAKU, Azerbaijan, September 18. Overall 49 million euros worth of various currencies were exchanged in Iran under the NIMA exchange rate on September 18, Trend reports citing the Central Bank of Iran (CBI).
Meanwhile, a total of 774 million euros worth of foreign currencies were put up for sale at the NIMA exchange rate today.
At the same time, $10 million and 900,000 euros worth of banknotes were exchanged at the organized currency market in Iran.
The Central Bank of Iran (CBI) 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.
The price of 1 euro at NIMA is 270,452 rials, and the price of $1 is 270,025 rials.
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