TEHRAN, Iran, Feb.21
Trend:
Iran's oil products exporters are returning export revenues to the economy, the chairman of the Iranian Oil, Gas and Petrochemical Products Exporters' Union, Hamid Hosseini told Trend in an interview.
"Exporters of petrochemical products are selling their revenues in the Forex Management Integrated System (NIMA). Petrochemical companies have found ways to have access to their export revenues," he said.
NIMA system is a market and allows Iranian exporters to sell their foreign currency earnings for Iranian rials where it places a higher value on the rial than the open market rate.
"The companies export petrochemical products to Vietnam and Taiwan then sell their foreign currency revenue to importers who use it for importing essential goods," Hosseini indicated.
The NIMA exchange system is a centralized electronic system established by the Central Bank of Iran in 2018 to streamline foreign exchange purchases and sales among Iranian companies.
