Petchem Firms Supply $6bn in NIMA FX Platform

(Monday, January 7, 2019) 22:44

TEHRAN (NIPNA) -- Petrochemical companies registered over 6 billion dollars in hard currency in the integrated Iranian FX platform, aka Nima, during by early January.

Nima is the local name for the Integrated Forex Deals System the government launched after it unified the USD forex rate in April.

 The platform is aimed at facilitating the currency trades for market participants in Iran after the FX market was struck by foreign exchange rate volatilities caused by US sanctions and de-valuating Rials against dollar.

 Putting banks as the main market player, the platform is meant to promote transparency, fix the market liquidity, gather all FX needs of the nation in one convenient location and prioritize the demand-supply side making the bed for effective state interventions in times of need.

 So far petrochemical companies have fulfilled all their duties regarding registration of hard currency earned by exporting goods in the platform.  

 Director General of Petrochemical Employers Association Ahmad Mahdavi said on Saturday that since March 21 2018, petrochemical plants had offered 6.65 billion dollars to the country’s economy of which $6bn was traded through NIMA platform.

 He also estimated that a total of $12bn worth of petrochemicals would be exported by the end of the current calendar year to March 20, 2019.

 “By the end of this [calendar] year, another $4bn is expected to be traded on the platform by petrochemical companies,” he added. 

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لوگو- نیپنا

National Petrochemical Company