Business And Markets

Growth in Currency Offers via Nima

Growth in Currency Offers via Nima
Growth in Currency Offers via Nima

The secondary foreign exchange market, Nima, has seen significant growth in currency supply in recent days, the governor of the Central Bank of Iran said. 
Nima is Persian acronym for a trade platform affiliated to the CBI when forex is exchanged between importers and exporters in the form of hawala. 
In a press release on the CBI website, Abdolnasser Hemmati said almost $1 billion was offered in the market. 
"On average $150 million was offered daily via Nima in the past week," he said, noting that "importers are buying currency with caution anticipating further decline in forex rates."   
Hemmati pointed to "positive reports" about increase in the export of oil and petroleum products, which he said "strengthens CBI clout in regulating forex rates". 
Through Nima exporters sell their overseas proceeds and companies buy for importing goods, machinery, equipment and raw material.  
Trade via Nima had declined due to government restrictions on businesses to control the spread of coronavirus, decline in foreign trade activity due to massive border closures after the virus struck and tough sanctions imposed by the United States.  

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