News ID: 253325
Published: 0940 GMT May 25, 2019

CBI not to eliminate forex management integrated system NIMA: Governor

CBI not to eliminate forex management integrated system NIMA: Governor

The Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati announced that the central bank is not intending to omit Iran’s domestic Foreign Exchange Management Integrated System (locally known as NIMA) from the domestic forex trade market.

Calling NIMA the pivot of domestic forex transactions, Hemmati underlined that the system will not be crossed out under any circumstances, reported Mehr News Agency.

He made the remarks addressing rumors saying that CBI plans to omit NIMA.

“The news about eliminating NIMA is not true while domestic exporters are required to inject up to 50-60 percent of export revenues to the country via NIMA,” Hemmati said.

The rumors came following the announcement of CBI, in early March, about the launching of an organized market to keep prices in the foreign currencies exchange market down.

At the time, the CBI governor reported a new measure to further bring down prices in the exchange market, in the form of the organized market, which, according to him, was a mixture of the formal market and the free market.

Some, however, translated the CBI’s plan to launch the organized market as a preparatory step for omitting NIMA, where forex rates stood somewhere in between those of the free and official market.

As previously announced, CBI has unveiled a decree containing a list of new incentives for the country’s exporters that reinject their earned foreign currency to NIMA.

Based on the announcement, those exporters who return more than 60 percent of their earned currency to the country’s economic cycle, in accordance with previous decrees, in addition to the listed incentives, will become CBI’s priority for allocation and supply of foreign exchange in case they need it.


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