Nima Deals Reach €6.2b in 3 Months

EghtesadOnline: An estimated €6.2 billion was sold via the secondary foreign exchange market, known as Nima, for import since the beginning of current fiscal year (March 20) up until June 28.

News ID: ۷۵۰۳۴۹

30 June 2020

Nima is an online platform affiliated to the Central Bank of Iran where exporters sell their overseas currency income and companies buy it for importing goods, machinery, equipment and raw materials.

Of the said amount, €2.2 was secured via exporter revenue offered on Nima, the CBI’s public relations office said.

The CBI injected €2.1 billion to help meet import needs. It said it allocated the forex “from its own resources” for importing basic goods, medical equipment and pharmaceuticals.

Exporters used their own income to import €800 million worth of goods. Finally, the income of a third party exporting company accounted for €1.1 billion of the total currency in the mentioned period.

As per rules, exporters can use their own overseas earning to import goods and machinery or allow a third party to do so. CBI said Nima recorded the highest currency trade in the past week (June 20-25).

Accordingly, €260 million was bought by importers via Nima last week, marking a 37% increase compared to the preceding week.

As for the forex sold by non-oil exporters, the CBI said €429 million was sold via Nima during the weeklong period, indicating a 92% weekly growth. Law demands non-oil exporters sell a big portion of the earnings on Nima.

The CBI said €3.3 billion was sold via the platform since the beginning of current fiscal year (March 20).

Importers bought the dollar at an average 164,000 rials in the three months, which the central bank said “is significantly lower than rates in the unofficial currency market”.

CBI Governor Abdolnasser Hemmati last week dismissed the rising currency prices in the unofficial market and the ensuing turmoil that has seen foerex rates rise to historic levels in Iran. Hemmati said the bank considers Nima rates as the benchmark for currency prices, arguing that “the country’s foreign trade is handled by Nima”.