Baku, Azerbaijan, April 10
By Elnur Baghishov – Trend:
With Iran changing the price of $1 in its official exchange rate to 42,000 Iranian rials, this will lead to change in the process of imports of essential goods in the country, said Mohammad Bagher Nobakht, Head of Iran’s Plan and Budget Organization, Trend reports referring to IRNA.
According to Nobakht, paying 42,000 rials in foreign currency (USD) for the import of essential goods is currently not the right thing to do.
He stated that a final decision has not been made yet.
Nobakht added that currently 42,000 rials are being paid in US dollars for the import of 25 essential goods. Accordingly, 135 trillion rials (app. $3.21 billion) were paid last Iranian year (started March 21, 2018).
"This year, it is estimated that the payments will reach 140 trillion rials (app. 3.33 billion rials)," he said.
Nobakht noted that 42,000 rials were being paid in foreign currency for the import for product such as red meat.
"However, because of the smuggling of animals out the country and a lack of proper supervision, citizens were unable to benefit from the lowering of meat prices," he said.
It was therefore concluded that if meat will be imported via NIMA currency rate, the prices will be lowered, and 500 trillion rials (app. $11.9 billion) will be saved.
In Iran, the official exchange rate is used for the import of some essential products.
The SANA system is a system announced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 150 rials, and the price of $1 is 130,000 rials.
NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from the sale non-essential goods and export. The price of 1 euro in this system is 107,000 rials, and the price of $1 is 94,500 rials.
In the black market, $1 is worth about 135,000-140,000 rials.