NIMA supplies €1.84b for imports of goods, services

April 29, 2019 - 23:5

TEHRAN- Iran’s domestic Forex Management Integrated System (locally known as NIMA) has supplied €1.840 billion for imports of goods and services since the beginning of the current Iranian calendar year (March 21) up to Sunday, IRNA reported.

According to the Governor of Central Bank of Iran (CBI) Abdolnasser Hemmati, establishing direct communication between importers and exporters has significantly increased the volume of exchanges in the NIMA system during the past month. 

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. It was inaugurated to allow exporters of non-oil commodities to sell their foreign currency earnings to importers of consumer products.

In mid-November, CBI issued the instructions on return details of the hard currency earned by exporters back to the domestic financial system.

The instructions, aimed to lead the export revenues from the non-oil exports back into the country’s economy through NIMA, mandate all the exporters of goods and services to guarantee bringing back to the country the foreign currency amount allocated to them by the government at lower prices than the free market.

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