![]() The NIMA exchange rate places a higher value on the rial than the open market rate. NIMA is the Persian acronym for an online currency system launched by the Central Bank of the Islamic Republic of Iran (CBI) in April 2018. Put simply, it’s a market where Iranian exporters can sell their foreign currency earnings for Iranian rials. But in the last three months, it’s roughly stabilized, with around 130,000 rials now fetching $1. The most accessible and commonly quoted rate throughout the country, the open market rate more than tripled in the past year and a half. ![]() This is the exchange rate that most accurately reflects how many rials it takes to buy one US dollar. What are the three existing exchange rates called?Ĭurrently, Iran has three exchange rates the open market rate, the official rate and the NIMA rate (keep reading if you want to know what NIMA stands for). ![]() Intermittent sanctions and financial hardship have been interwoven into the fabric of Iran’s economy since the country’s 1979 revolution, giving rise to a system of multitiered foreign currency exchange rates, which – to be fair – is at times confusing even for Iranians. Inflation and punishing US economic sanctions have effectively cut off Iran from most of the global economy, forcing the government to scramble for foreign currency to pay for humanitarian goods – and leaving ordinary Iranians struggling just to get by. Iran’s currency, the rial, has suffered a sharp devaluation since United States President Donald Trump decided to unilaterally withdraw from the Iran nuclear deal last year. ![]()
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