Trade via Nima takes a big hit

Financial Tribune – Foreign exchange trade in the secondary market, known as Nima, declined significantly in three months since the beginning of the current fiscal year (March 20) up to June 13 compared to the similar period last year.

Nima is an online platform affiliated to the Central Bank of Iran where exporters sell their overseas income and local companies buy it for importing goods, machinery, equipment and raw materials.

Currency sold in the secondary market amounted to €2.53 billion during the period, down from €4.38 billion in the same period last year, according to CBI data.

The 73% decline indicates that more exporters failed to repatriate their overseas earnings, reportedly due to spread of the coronavirus that has harmed businesses across the globe.