Foreign currency supply accelerates in Iran
Baku, Azerbaijan, Jan. 14
By Leman Zeynalova, Elnur Baghishov - Trend:
Foreign currency supply has significantly accelerated in Iran, governor of Iran’s Central Bank (CBI) Abdolnaser Hemmati wrote on his Instagram page.
Iranian Central Bank provides the local banks, as well as importers with foreign currency.
Hemmati noted that the foreign currency supply in Iran has accelerated especially with the support of India, South Korea and China. Increasing trade turnover with Turkey, Iraq and other neighboring countries, as well as the effective participation of the Central Bank in the currency market, neutralized the US efforts to affect Iran’s currency market.
In April 2018, in a major change in Iran’s foreign exchange policy, the government moved away from a dual exchange rate regime (which included a largely market-driven floating rate) to a USD peg set by the Central Bank of Iran (CBI), coupled with capital controls.
NIMA was created in April 2018 as a platform to regulate and register foreign exchange transactions. For this new market, NIMA will function as a platform for exporters to sell their foreign currency earnings to exchange houses who must then on-sell the currency to importers of non-essential goods with a valid import registration order in place.