BAKU: Various foreign currencies sold at the Iranian foreign exchange and gold exchange centers at the NIMA exchange rate increased by $6.5 million on March 5 compared to the previous day, March 4, Trend reports, referring to Iran’s Central Bank.
According to information, on March 5, $153 million of various foreign currencies were sold at Iran’s Foreign Exchange and Gold Exchange Center at the NIMA rate.
The previous evening, the sale of various foreign currencies amounted to about $147 million. A total of about $1 million worth of foreign currency was put up for sale.
To note, Iran’s Foreign Exchange and Gold Exchange Center started operating on February 21, 2023, to prevent a sharp rise in the prices of foreign currencies on the black market.
According to the official exchange rate of the Central Bank of Iran on March 6, 1 U.S. dollar is 42,000 rials and 1 euro is 45,619 rials. The Central Bank of Iran notes that several goods can be imported at this rate.
The exchange rate announced by the Central Ban
k of Iran to banks and exchange offices is called the SANA system. According to this system, the price of 1 euro was 467,377 rials, and the price of $1 was 430,303 rials.
The NIMA system required exporters earning more than one million euros a year from exports to sell part of their export earnings to banks at the NIMA rate. Later, at this rate, banks sold foreign exchange to importers to import a range of goods.
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.
In Iran’s black market, the price of 1 dollar ranges from 606 to 609 thousand rials, and the price of 1 euro ranges fro
m 659 to 662 thousand rials.
Source: Trend News Agency