Iran Chamber of Commerce Asks Exporters to Offer Earnings on Nima

EghtesadOnline: Iran Chamber of Commerce, Industries, Mines, and Agriculture in a notice called on exporters to keep on repatriating their currency earning on Integrated Forex Deals System, locally known as Nima.

News ID: ۷۸۴۴۶۵

08 January 2019

The notice which is published in the ICCIMA website says the Chamber is fully aware of the hurdles on the way of export sector posed by currency repatriation mechanisms initiated by Central Bank of Iran and Ministry of Industry, Mining, and Trade and assured exporters that the body is endeavoring to resolve the issues.

In the notice, the ICCIMA commits itself to solving exporters’ problems in the interest of economic conditions of the country.

“Needless to say, each exporter is required to offer their currency earnings on Nima at a rate appropriate to the type of the foreign exchange, nature of the exported goods, export destination, and the volume of export”, the report says.

According to Financial Tribune, exporters often complain that the three-month time limits announced by CBI to return the earnings and the compulsion to sell the currency via Nima (whose rates are much lower than in the open market) is a spanner in their works.

Businesses also complain about the speed at which the CBI has issued directives and regulations after it scrambled to stabilize the volatile forex market by imposing a fixed rate of 42,000 rials to the USD on April 10. (The government scrapped the decision barely three months later admitting that it was a mistake.)