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BAKU, Azerbaijan, August 20. As much as $155
million worth of various currencies were exchanged at the Currency
and Gold Exchange Center in Iran under the NIMA exchange rate, on
August 19, 2023, Trend reports.
According to the report of the Central Bank of Iran (CBI), a
total of $194 million worth of foreign currency was put up for sale
at the center under the NIMA rate on the mentioned day.
The Currency and Gold Exchange Center was launched in Iran on
February 21, 2023, in order to prevent the sharp increase in the
price of foreign currencies on the black 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 earn more than 1 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 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 to
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 above 10 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 45,706 rials. In Iran, the official
exchange rate 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 offices, where the price of 1 euro
is 449,548 rials and the price of $1 is 413,096 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 408,681 rials, and the price of $1 is
375,542 rials.
– The black market, where $1 is worth about 485,000-488,000
rials, while 1 euro is worth about 529,000–532,000 rials
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