‘Pumping foreign currency into secondary market to be accelerated’

October 20, 2018

TEHRAN- “Within the next few weeks, the procedure of injecting non-oil exports revenues into the foreign exchange secondary market will be lubricated to supply the required forex sources for imports,” the Public Relations Department of the Central Bank of Iran (CBI) quoted the bank’s Governor Abdolnaser Hemmati as saying on Saturday.

According to Hemmati, €7.3 billion of deals have been done at the secondary market (the Forex Management Integrated System, locally known as NIMA) during the past two months and due to the taken measures including having petrochemical companies supply the required foreign currency of the secondary forex market, injection of foreign currency into the system will be facilitated in near future.

According to the announcement of the Public Relations Office of Iranian Oil Ministry all the foreign currency earned from exports of petrochemical companies’ products has been regularly pumped into NIMA, in a bid to address the country's currency needs.

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

HJ/MA