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

Finance Materials 20 December 2022 09:32 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, December 20. As much as, $181 million worth of foreign currency was exchanged in Iran under the NIMA exchange rate, on December 19, 2022, Trend reports citing the Central Bank of Iran (CBI).

Meanwhile, a total of $876 million worth of foreign currency was put up for sale on the mentioned day.

In addition, approximately $19.5 million and approximately 1.65 million euros were 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.

On December 19, the price of 1 euro at NIMA was 304,971 rials, and the price of $1 was 288,451 rials.


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