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Iran’s CBI announces amount of foreign currency exchanged under NIMA rate

Finance Materials 4 December 2022 11:06 (UTC +04:00)
Iran’s CBI announces amount of foreign currency exchanged under NIMA rate
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, December 4. Overall, $88 million worth of foreign currency was exchanged under the NIMA exchange rate in Iran, on December 3, 2022, Trend reports citing the Central Bank of Iran (CBI).

Meanwhile, a total of $665 million worth of foreign currency was put up for sale on the mentioned day.

At the same time, $16.7 million and about 2.1 million euro was exchanged in the Organized Foreign Exchange Market.

The Central Bank of Iran (CBI) created the 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 exporting less than 1 million euros a year.

Those with total exports of 1-3 million euros per year are required to offer 50 percent of their received foreign exchange from the government through the NIMA system.

The traders with annual exports of 3 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 currently 294,659 rials, and the price of $1 is 279,820 rials.

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