BAKU, Azerbaijan, November 29. As much as $138 million worth of various currencies were exchanged at the Currency and Gold Exchange Center in Iran under the NIMA exchange rate on November 28, 2023, Trend reports.
According to data from Iran's Central Bank, a total of $268 million in foreign currency was sold at the facility on the indicated day at the NIMA rate.
On February 21, 2023, the Currency and Gold Exchange Center was established in Iran to prevent a rapid surge in the price of foreign currency on the illegal market.
The Central Bank of Iran (CBI) established the NIMA system in 2018 to allow exporters to sell a portion of their export earnings to banks in order to alleviate the country's foreign currency shortages caused by numerous factors (sanctions, economic conditions, etc.).
In this system, exporters who earn more than one million euros from exports 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 earn less than one 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 to the government through the NIMA system.
The traders with annual exports of three to ten million euros are obliged to offer 70 percent. Those with exports above ten million euros per year must offer 90 percent of the received foreign exchange at NIMA.
There are four exchange rates in Iran:
The official exchange rate, where $1 equals 42,000 Iranian rials and 1 euro equals 46,220rials in Iran, is used for the import of some essential products.
The SANA system is a system introduced by the Central Bank of Iran to the currency exchange outlets, where the price of 1 euro is 461,754 rials and the price of $1 is 419,596 rials.
NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from exports. The price of 1 euro in this system is 419,777 rials, and the price of $1 is 381,451 rials.
The black market, where $1 is worth about 499,000–502,000 rials, while 1 euro is worth about 549,000–552,000 rials.
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