50% of mining exports income injected to NIMA

January 6, 2019

TEHRAN- According to the latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) domestic mining companies have injected 50 percent of their revenues to the Forex Management Integrated System, locally known as NIMA, since the beginning of the present Iranian year 1397 (started March 21, 2018) to December 31, 2018.

The total revenues of the mining companies in the said time stood at $2.19 billion, the report confirmed, 1.1 billion of which (50.1 percent) has been pumped into NIMA.

In a bid to address the country's foreign currency needs, Iranian petrochemical companies have also been pumping their revenues in the integrated system as of the current year beginning.  

As an official from Iran’s Association of Petrochemical Industry Corporations (APIC) announced up to now petrochemical companies could manage to inject $6.65 billion of their exports revenues to domestic economy since March 21, 2018, $6 of which was pumped into NIMA.

NIMA, which seeks to boost transparency, create competitiveness among exchange shops and a secure environment for traders, is a new chance for importers to supply their required foreign currency without specific problems and for exporters to re-inject their earned foreign currency to domestic forex market.

Secondary foreign exchange market was inaugurated in early July, 2019 to allow exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

HJ/MA

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