BAKU, Azerbaijan, February 29. The value of foreign currency sold at Iran’s Currency and Gold Exchange Center on February 28, 2024, decreased by $3.6 million, compared to the previous day, Trend reports.
Data from Iran’s Central Bank shows that $166 million worth of various currencies were exchanged at the Currency and Gold Exchange Center in Iran under the NIMA exchange rate on Feb. 28. However, the figure stood at about $170 million as of February 27, 2024.
Meanwhile, a total of $341 million worth of foreign currency was put up for sale at the center under the NIMA rate on February 28.
The Currency and Gold Exchange Center was launched in Iran on February 21, 2023, in order to prevent the sharp increase in the price of foreign currencies on the black market.
The Central Bank of Iran (CBI) created the NIMA system in 2018 for exporters to sell a portion of their export earnings to banks to eliminate the shortage of foreign currency in the country for various reasons (sanctions, economic situation, etc.).
In this system, exporters who earn more than one million euros from exports a year must sell a portion of their export earnings to banks at the NIMA rate. Later, banks used to sell foreign currency to importers for the import of several products at this rate.
The Central Bank of Iran has not imposed rules on exporters that earn less than one million euros a year.
Those with total exports of 1-3 million euros per year are required to offer 50 percent of their received foreign exchange to the government through the NIMA system.
The traders with annual exports of three to ten million euros are obliged to offer 70 percent. Those with exports above ten million euros per year must offer 90 percent of the received foreign exchange at NIMA.
There are four exchange rates in Iran:
The official exchange rate, where $1 equals 42,000 Iranian rials and 1 euro equals 45,534 rials In Iran, the official exchange rate is used for the import of some essential products.
The SANA system is a currency exchange system implemented by the Central Bank of Iran in which the price of one euro is 465,321 rials and the price of one dollar is 429,206 rials.
NIMA is a scheme for selling a percentage of the foreign money earned from exports. The price of 1 euro in this system is 432,190 rials, and the price of $1 is 398,646 rials.
The black market, where $1 is worth about 578,000–581,000 rials, while 1 euro is worth about 627,000–630,000 rials.
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