Exporters sold €16b on secondary forex market

Financial Tribune – Exporters of non-oil goods sold €16 billion ($17.8 billion) in their overseas revenues on the secondary foreign exchange market, known as Nima, since the beginning of the current fiscal year that ends on March 19.

This market is a platform affiliated to the Central Bank of Iran where importers declare their currency needs, exporters sell their forex proceeds and banks and authorized moneychangers function as dealers.

CBI said on its website that repatriation of exporters’ overseas earnings has gained pace in recent weeks, adding that exporters have returned $1.5 billion in the ongoing calendar month (started Feb.20).