News ID: 318221
Published: 0412 GMT November 24, 2021

CBI: Over $18b traded by Iranian exporters sold in NIMA system

CBI: Over $18b traded by Iranian exporters sold in NIMA system

The amount of foreign currency sold by Iranian exporters through Forex Management Integrated System, locally known as NIMA, hit $18.1 billion in the first eight months of the current Iranian calendar year, which started March 21, the Central Bank of Iran (CBI) reported on Wednesday.

The figure indicates a 69% growth in sales of foreign currency compared the corresponding period of last year, IRNA reported.

NIMA is a secondary market, established by the CBI in 2018, to allow exporters and importers to exchange their hard currencies.

The Iranian government currently allocates billions of dollars of hard currency each year to fund imports of medicine and staple grains at an official price of 42,000 for the rial against the US dollar.

That comes as the market price of the greenback in Iran is nearly seven times the official price.

The government of President Seyyed Ebrahim Raeisi has introduced a bill in Parliament to remove a heavily subsidized exchange rate, allotted to funding imports of basic goods.

The government believes the official exchange rate will create $12.6 billion in new resources for the government to fund the imports.

Reports have suggested that economists have warned that a sudden change in currency policy could cause a major rise in consumer prices and lead to hyperinflation in the country.

 

 

   
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