Secondary Forex Market

EghtesadOnline: Former governor of the Central Bank of Iran, Tahmasb Mazaheri, has welcomed the action taken by CBI in establishing the Secondary Forex Market, adding that by doing this, the bank has accepted the “reality” of the market.

EghtesadOnline: While the unofficial currency market enters a bull run, a Central Bank of Iran official said trade in the Secondary Forex Market is increasing, with deals breaking a record on Tuesday.

EghtesadOnline: Since the beginning of the current fiscal year (March 20), more than €10.6 billion earned from exporting non-oil goods has been sold through the Central Bank of Iran's secondary forex market, known locally as Nima.

EghtesadOnline: The total value of foreign currencies sold by exporters of non-oil goods at Iran's secondary market amounted to €9.2 billion since the beginning of the current fiscal year (started March 21), €7.86 billion of which have been purchased by importers.

EghtesadOnline: Figures from the Central Bank of Iran show that foreign currency revenues from non-oil exports from August 7 to October 3 through Nima–the Integrated Forex Deals System launched by the government after it unified the USD forex rate – reached €2.84 billion.

EghtesadOnline: Figures show that Nima, the online foreign exchange system set up by the Central Bank of Iran at the behest of the government, is increasingly being embraced by traders following forex policy amendments.

EghtesadOnline: As the negative consequences of the government’s policy in enacting a single exchange rate for the US dollar are becoming clearer, report from local media suggest that the government is finally prepared to entirely abandon that policy.