Integrated currency trading system
The Nima currency system is actually an abbreviated term “integrated system of foreign exchange transactions”. The Nima system started its work with the aim of organizing the foreign exchange market in the field of trade, import and export. On April 21, 2017, the government launched a new financial policy in order to direct imported products to official channels, ensure proper and fair allocation of currency based on demand priority, prevent smuggling and outflow of the country’s funds, and complete transparency of the supply process. and the demand launched the integrated system of currency transactions known as Nima currency system. From February of 2016, there were whispers about the formation of an integrated currency market, and finally, the central bank unveiled the Nima currency system in May 2017.
Methods of providing currency from the Nima currency system
In general, the process of providing foreign currency needed by importers of goods and currency applicants is done in two ways. One of the desired methods is through a bank through which the importer registers the order and the central bank supplies the currency through the foreign exchange portal and payments are made to foreign sellers through the relations between the brokerage of banks in Iran and other countries. Another way is to provide non-bank currency in which the banking system is not involved and exchange offices play a role as the main component in money exchange. The Central Bank has declared the non-banking method of providing and transferring currency as a result of banking sanctions. Applicants to purchase Nima currency through non-banking means can register a request using the Nima currency system and then, if offered by exchanges to provide services, view the available options and choose the desired item from the offers.
How does the Nima currency system work?
The most important feature of the Nima system is transaction security. This means that currency buyers and sellers, or in other words currency suppliers and demanders, can easily register their purchase or sale requests online and their transactions are done through authorized exchanges in the Nima system. In this system, importers of goods and services play the role of demanders of currency and exporters play the role of suppliers. Meanwhile, bank and joint stock exchanges play the role of financial intermediaries and facilitate the buying and selling process. The Nima currency system plays a role as the missing link between the comprehensive trade system and the window system of the cross-border trade unit. Another advantage of using the Nima system is the access of traders to a wide range of bank and partnership exchanges, and therefore, the Nima currency system can create healthy competition between the exchanges in this system.
The method of purchasing foreign currency of importers of goods through the Nima system
Importers, after allocating currency by the central bank and providing obligations related to referring to the comprehensive trade system, register their foreign exchange needs in this system under the title “currency purchase request” at https://www.ntsw.ir . For this purpose, they must carefully complete information such as requested currency information, details of the destination account for remittance, details of the requester, etc., in the relevant online form so that their request is registered in the Nima currency system. If their request is successfully registered in this system, this request will be displayed to the authorized suppliers, and after seeing the requests, they will offer their desired price to supply the currency. If the merchants agree with the desired price of each of the currency suppliers, they can complete the process without the need to visit in person to obtain the necessary currency.
The method of selling the currency of commodity exporters through the Nima system
In order to sell currency, all exporters of goods and services fall into one of the following three categories and can sell their currency in this system. • Definite export: refers to exporters of goods who have an export license. • Pre-sale: refers to goods exporters who sell their currency before receiving an export license. • Export of services: This section is intended for the sale of foreign currency obtained from the export of services. In the first step, the exporter must refer to the comprehensive trade system and start offering his currency by choosing an export license. Then, at this stage, by referring to the Nima currency system, the authorized exchange can view the currencies offered by the exporters and register its purchase request on each of them; And finally, after seeing the demand of the exchange, the exporter can enter into a transaction with one or more exchangers and sell his currency. We remind you that anyone who puts his currency for sale in the Nima currency system can consider any price for it. But there may not be buyers for his suggested price, so it is better to price his currency according to the suggestions of other money changers. Also, if the sales type field is selected as “service export”, “goods pre-sale” or “foreign investment”, only banks and bank exchanges will be able to see supply and offer demand. According to the new news published about how the Nima system works, it is possible to sell foreign exchange for all persons (both natural and legal persons) in this system. For this purpose, it is necessary for the applicants to sell their currency after registering in the comprehensive trade system by choosing the role of real basis or legal basis.
How to choose the role of real basis or legal basis
Ordinary people must choose the real base role to supply their currency in the Nima system. However, companies and organizations that want to sell their currency in this system must do so by choosing a legal basis. For this purpose, first of all, they should enter the comprehensive trading system with the real basic role and upload the required company registration documents in the basic operation section, so that after checking the documents, this role will be added for them.
