CBI not to eliminate forex management integrated system NIMA: governor

TEHRAN, May 25 (MNA) – The Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati announced that the central bank is not intended to omit Iran's domestic Foreign Exchange Management Integrated System (locally known as NIMA) from domestic forex trade market.

Calling NIMA the pivot of domestic forex transactions, Hemmati underlined that the system will not be crossed out under any circumstances.

He made the remarks addressing rumors saying that CBI plans to omit NIMA. 

“The news about eliminating NIMA is not true while domestic exporters are required to inject up to 50-60 percent of exports revenues to the country via NIMA,” Hemmati said.

The rumors came following the announcement of CBI, in early March, about launching of an organized market to keep the prices in the foreign currencies exchange market down. At the time, the CBI governor reported of a new measure to further bring down the prices in the exchange market, in the form of the organized market, which according to him, was a mixture of the formal market and the free market.

Some, however, translated the CBI's plan to launch the organized market as a preparatory step for omitting NIMA, where the forex rates stood somewhere in between those of the free and official market.

As previously announced, CBI has unveiled a decree containing a list of new incentives for the country’s exporters that re-inject their earned foreign currency to  NIMA. Based on the announcement, those exporters who return more than 60 percent of their earned currency to the country’s economic cycle in accordance with previous decrees, in addition to the listed incentives, they will become CBI’s priority for allocation and supply of foreign exchange [in case they need it].

HJ/ 4625101

News Code 145678

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