BAKU, Azerbaijan, October 3. The amount of foreign currency exchanged in Iran under the NIMA exchange rate increased by 80 percent during the first six months of the current Iranian year (March 21 through September 22, 2022), compared to the same period last Iranian year, Director General of the Central Bank of Iran (CBI), Ali Salehabadi said, Trend reports referring to IBENA.
According to Salehabadi, $22.4 billion worth of foreign currency was exchanged in the country under the NIMA exchange rate.
“Meanwhile, in the same period last Iranian year, the figure stood at $12.4 billion worth,” he added.
The director general also noted that $600 million worth of foreign currency was exchanged in the organized foreign exchange 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 265,853 rials, and the price of $1 is 271,217 rials.
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