TEHRAN, Iran, Dec. 12
Trend:
Iran Ministry of Roads and Urban Development has suggested a proposal to the Cabinet of Minister to stop subsidizing the flight tickets with foreign airlines.
“Considering the importance of preserving the country's foreign exchange resources in the current situation as one of the priorities of the government, with the aim of balancing the market, preventing foreign exchange rate fluctuation and reducing the demand for subsidized foreign currency for travel abroad, the Ministry has suggested that foreign airlines be removed from the list of recipients of foreign currency at Nima exchange rate,” the Ministry of Road and Urban Development said in its proposal to Cabinet of the Ministers, Trend reports citing Mehr News Agency.
The NIMA exchange is a centralized electronic system established by the CBI in 2018 to streamline foreign exchange purchases and sales among Iranian companies.
Since NIMA is a market where Iranian exporters can sell their foreign currency earnings for Iranian rials, the NIMA exchange rate places a higher value on the rial than the open market rate.
The report, published on the CBI’s website on Thursday, says that the average balanced rate of dollar transactions was about 255,000 rials.