Nima Forex Rates Rise
EghtesadOnline: In the fiscal month to May 22, almost €2.16 billion in foreign currency was sold via the Integrated Forex Deals System, locally known as Nima, IRNA reported. In the same period currency rates in Nima also soared.
Nima is a secondary market developed by the Central Bank of Iran to be used as a venue where companies sell their export earnings at rates lower than the open market. The currencies sold on Nima will help fund imports.
Each euro was sold for 125,330 rials during the reviewed month – up 20,000 rials compared to a month earlier when it was traded for 108,000 rials.
The highest rate for the currency was 131,400 rials and lowest 102,670 rials, Financial Tribune reported.
Rates in the secondary market neared the open market in the recent month. Observers say the forex surge in Nima is in line with CBI policy to narrow the price difference between the two rates and, in turn, pave the way for forex rate unification.
With the cooperation of exchange bureaus and banks, a regulated foreign currency market is in the works to be launched by mid-June.
The initiative is seen as part of the CBI attempt to pull forex rates in Nima and open market closer together and ultimately reach a long-awaited single rate.
Each euro in the open market was traded for 159,000 rials, USD for 141,000, and UK pound for 180,000 rials on Saturday.