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Petchem Firms Put $12.5b in NIMA FOREX System

Petchem Firms Put $12.5b in NIMA FOREX System
(Monday, April 11, 2022) 11:55

TEHRAN (NIPNA) – Iranian Minister of Petroleum Javad Owji said petrochemical companies have deposited $12.5 billion at the secondary foreign exchange market, known locally as Nima,

Nima is an online platform affiliated to the Central Bank of Iran where exporters sell their overseas currency income and companies buy it for importing goods, machinery, equipment and raw materials.

The Minister of Petroleum said: "Export of petrochemical products and the resulting currency is considered as one of the main ways to provide the currency needed by the country, and last [calendar] year a total of $12.5 billion of foreign exchange from the export of petrochemical products was offered in the Nima system."

According to IRNA, Mr. Owji said that crude oil exports have risen by 40% under the Raisi administration.

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