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cryptocurrencies in Iran​ ​was released by the country’s central bank.​
The draft reportedly suggests heavy oversight should be exercised by the Central Bank of Iran (CBI) while the market develops. “Version 0.0”, as the drafted rules have been dubbed, is meant to bring clarity to the utilisation of the global digital payment method and “allow traders to plan for their future”.
After initially banning the use of cryptocurrencies such as Bitcoin, the CBI now recognises the digital payment method as legitimate. It is also laying the groundwork for a future Iranian digital currency that it intends to launch.
7.2​ Forex platform
Iranian forex platform Nima surpasses €7.1bn in liquidity
Iran’s forex management system for imports and exports, formally known as the Forex Management Integrated System (Nima), has to date supplied more than €7.197bn in hard currency for imports of basic goods, Mehr News Agency has reported.
Nima was launched earlier last year in a bid to retain capital for import and export trade within a formal trading system while Iran fights the economic consequences caused by the reimposition of heavy US sanctions on Tehran, including the severe collapse in the value of the Iranian rial (IRR). Despite teething problems, use of the ringfenced system has grown with more and more companies being given permits to sell and buy currency.
The expansion of Nima follows a push by the Central Bank of Iran, announced on May 20, to bring in more foreign exchange from the petrochemical sector. Based on a directive, the petrochemical sector must now inject 60% of its foreign earnings into Nima.
Non-petrochemical exporters should inject 50% of their foreign earnings into Nima.
Petrochemical companies' export earnings account for the most revenues accrued by Iran from non-oil exports.
8.0​ Financial & capital markets 8.1​ Bank sector overview
US economic sanctions and their impact on Iran’s banking system
Iran’s economy ministry is poised to establish an “anti-sanctions management room” to combat the heavy US economic sanctions introduced against Iran and most particularly their impact on the Iranian banking system, Tasnim News Agency has reported.
Several key institutions in the Islamic Republic have previously said they had made clear preparations for the Trump administration’s economic war on the country, although several ministers have fallen at the hands of parliamentarians dissatisfied with the response to the consequences of the sanctions, while the governor of the central bank was fired during the summer after the Iranian rial (IRR) went over the cliff edge.
The US has sanctioned almost every important area of Iran’s economy, with the first wave of sanctions triggered in early August and the second wave—which crucially hit Iran’s lifeline oil exports and banking sector—kickstarted in early November. In recent weeks, the central bank, which is among the institutions saying it made long-term plans to deal with the
32​ IRAN Country Report​ October 2019 www.intellinews.com