ECONOMY   Banks  

NIMA supplies over €7.19b for imports of basic goods

Iran’s domestic Forex Management Integrated System (locally known as NIMA) has supplied €7.197 billion for imports of basic goods since the beginning of current Iranian calendar year (March 21) up to August 29, IRNA reported on Friday.

As reported, the trend of offering foreign currency earned from exports in NIMA has been increasing in recent months, following the Central Bank of Iran (CBI)’s announcement of new policies on re-injection of those earnings into the domestic economy via NIMA. 

CBI unveiled a directive package on May 20 which provides the country’s exporters with guidelines about how they should re-inject their foreign currency incomes into the country’s economy.

Based on the new directive, for the petrochemical sector, the exporters should present at least 60 percent of their foreign currency incomes into NIMA, and a maximum 10 percent could be injected into the financial system in the form of hard currency and the rest could be used for importing necessary goods.

As for other exporters, at least 50 percent of the total earnings should be presented at the NIMA system and a maximum 20 percent could be distributed in form of hard currency and the rest can be used for imports.

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 last year, 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.

News No: 6342
Date: 2019/09/01 - 22:52
News Source: Tehran Times

CBI  Central Bank of Iran  Forex  NIMA 


Leave a Comment:


CBI mainly focuses on controlling liquidity, supporting domestic production: Hemmati

Governor of Central Bank of Iran (CBI) said the bank’s current programs are mainly focused on controlling liquidity and supporting domestic production, IRNA reported on Saturday.

Tehran, Damascus ink MOU on banking cooperation

Central banks of Iran and Syria signed a memorandum of Understanding (MOU) on Monday for expansion of banking cooperation between the two countries, IRIB reported.

Iranian banks’ foreign assets up 13%

The total value of Iranian banks’ foreign assets by June 21 stood at 9.245 quadrillion rials (about $220.11 billion), registering a 13-percent rise compared with the corresponding period of last year.

Russia to link banking system with Iran: envoy

Russia’s Ambassador to Iran Levan Dzhagaryan said on Sunday that Russia and Iran are going to connect their banking systems in near future, IRNA reported.

Inflation rate at 42.2%: statistical center

The Statistical Center of Iran announced that the inflation rate in the twelve-month period ended on August 22, which marks the end of the fifth Iranian calendar month of Mordad, stood at 42.2 percent, Mehr news agency reported.

Liquidity crunch pressures Indian coated steel prices

India's coated steel prices dropped further this week, as consumption remained minimal with buyers delaying payments because of a lack of funds.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners