Sizable Growth in Secondary Market Forex Rates in Tehran
Foreign currency rates jumped 58.5% in the last calendar month to April 19 in the secondary forex market, known as Nima, compared to the same month last year.
Nima is an online platform affiliated with Central Bank of Iran where exporters sell their overseas currency and companies buy it for importing non-essential goods, machinery, equipment and raw materials. The rates are usually below open market rates.
According to data compiled by Tehran Chamber of Commerce, Industries, Mines and Agriculture, one dollar sold for 139,930 rials on average during the month-long period to April 19, up over 88,280 rials quoted in the corresponding period last year.
The higher rates, however, was attributed also to lower trade and mounting pressure from the supply side.
Non-oil exporters sold €533.6 million at the secondary market during the month, down 58% compared with the similar period last year when the companies sold €1.27 billion.
Currency hikes in the secondary market were attributed also to the CBI’s new policies calling for less intervention in the market and creating more space for export companies.
It appears the CBI is exercising extra caution and has reduced currency offers on Nima due to uncertainties arising from the coronavirus spread across the world and the battering international oil prices.
source: Financial Tribune
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