BAKU, Azerbaijan, March 5. The rial, Iran's national currency, has reached a historic low against the US dollar and the euro today, Trend reports.
Iranian media reports that currently, 1 US dollar on the black market in Iran costs about 603,000 rials. Yesterday, the US dollar stood at 595,000 rials.
The current black market value of one euro in Iran is 654,000
rials. Yesterday, 1 euro cost 646,000 rials.
The continued economic sanctions imposed by the United States and
Western countries on Iran, combined with inflation and a slew of
other obstacles, suggest a gradual deterioration in the country's
economic conditions.
According to the official government currency price in Iran, only
essential products are approved for importation. Iran's Central
Bank has established an official currency rate of 42,000 rials for
one US dollar and 45,619 rials for one euro.
The Central Bank of Iran's published exchange rate for banks and
currency exchange businesses is known as the SANA system. According
to this method, one euro is worth 466,182 rials, whereas one US
dollar is worth 429,203 rials.
There is also a NIMA system in the country (on the return of a certain part of the currency received by businessmen to the economy of the country when exporting products). According to this system, 1 euro is worth 432,989 rials, and 1 US dollar is worth 398,643 rials.
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.
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