closure of Nimaee cryptocurrency

With the implementation of the Central Bank's new currency policy, from today, the first of Bahman 1403 (January 21, 2025), the NIMA currency market will officially give way to the commercial currency market. Based on this decision, all eligible exporters and importers, including petrochemical, steel, and oil product companies, will be required to offer and supply their foreign exchange through the Iran Currency and Gold Exchange's commercial currency market.

This change is designed to increase transparency of exchange rates, fulfill export commitments, and reduce rent-seeking and corruption in currency transactions. Additionally, all currency allocations for registered orders will be transferred to this market, and service needs will be met at negotiated rates.

This development, aimed at transparency and strengthening the country's currency system, allows for exchange rates to be determined based on supply and demand and prevents Central Bank intervention in rate setting. To date, the volume of transactions in the commercial currency market has reached $1.1 billion, with an annual target of $70 to $80 billion. Experts believe that this policy can reduce unofficial activities and increase economic stability and exchange rate predictability.