MNA – The Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati announced on Tuesday that as of July 23, 2018 some $27 billion of foreign exchange has been offered at the Integrated Forex Deals System (NIMA).

Referring to the incremental expansion of NIMA, Hemmati said that during the past year some $27 billion of foreign exchange has been offered at the integrated system, $3 billion of which have been utilized to support those exporters importing goods to re-inject their revenues back to domestic financial system.

“Some 46 billion trade deals have been registered at NIMA during its first year of operation,” he added.

NIMA is a platform where exporters sell their currency earnings to companies importing non-essential goods.

The new deal system’s activity is expected to have a positive effect on the foreign currency market and help calm the foreign exchange market's fluctuations.

Iran’s market has been experiencing fluctuations in the value of foreign currencies and gold coin prices since summer 2018.

The unified currency market can handle and ease the flow of money to and from banks and currency exchange stores.

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].