exchangeable currency
What is the exchange rate?
Exchange currency is one of the types of government currency and it has differences between private and free currency that should be taken into consideration by business activists. Due to the fact that the foreign exchange is a government currency, it is provided to the applicants through the government and in a place called the foreign exchange center. The definition of this currency is in front of the concept of free currency and is against it. In fact, free currency is a currency that is offered and announced through brokers and exchanges and is determined based on the conditions of supply, demand and economy of the country.
It is not possible to receive exchange currency for all imported goods and you should be careful that it is only allocated to some imported goods. To classify imported goods, they have been divided into 10 groups. Receiving exchange currency is not granted for the 10th group, which are luxury goods. In addition, the customs fees and duties that must be paid to clear the goods of the 10th group, i.e. imported luxury goods, are twice as much as other goods. 9 other groups of imported goods can receive exchange currency; Note, of course, that the goods of the groups eligible to receive exchange currency can undergo changes based on the power and capacity of domestic production.
Another thing we should say about receiving exchange currency is that it is very difficult and time-consuming and not everyone can succeed in receiving it; For this reason, Giti Trade Simorgh services in the field of receiving foreign currency and receiving semi-currency are one of the most important things that will help the ease of your foreign trade to a great extent. Free currency is easier and hassle-free to receive and can be used to import any type of goods; Therefore, compared to receiving government currency, it faces fewer challenges.
Also, the reason for the increase of exchange currency by the government is to reduce the financial burden on the government, and since it has a lower price compared to other types of currency, it is offered with much more restrictions and control and under special conditions. The way to calculate the exchange rate according to the announcement of the central bank is that the central bank considers a basket of currencies traded in authorized exchanges and based on the initial price obtained from such transactions, the exchange rate after deduction determines the fee and two percent of this rate.
What kind of currency is Nimai currency?
The currency that is traded in a system called Nima system is called Nimai currency. Nimai currency is bought and sold online by importers and exporters in a system, and the currency needed to import some goods is provided in this way. The method of allocation of foreign currency is such that if an importer intends to supply the currency he needs in this way, it is necessary to agree with another person who is an exporter so that he can obtain his currency through him. As a result, the difference between Nimai currency and other currencies is that it belongs to exporters and importers of goods.
The Nima system, through which the Nimai currency is bought and sold, has features that facilitate currency transactions. One of the important features of this system is its security. In addition, the Nimai system acts as an intermediary and in the role of exchanges and has played a special role in simplifying foreign exchange transactions. In fact, it can be said that the Nimai system acts as an intermediary between the comprehensive trade system and the cross-border trade unit. This system provides the possibility of obtaining the required currency even in the presence of international sanctions, and the reason for this is the supply of currency by exchanges without direct involvement of banks. It is possible to receive Nimai currency from the Nimai system for qualified people and there are conditions that must be taken into account.
What is the free exchange rate?
You must have heard the term free exchange rate a lot by now. Free exchange rate refers to buying and selling prices and generally currency transactions in the non-governmental and informal market. Due to the fact that most of people’s exchanges take place in the open market and it is accessible to the general public, it has more validity and general acceptance than other currencies, and most calculations and transactions are done on this basis. The free exchange rate depends on a set of factors such as oil revenues, economic conditions, predictions and expectations of the country’s economic activists from the future of the market and economy, the country’s foreign trade relations and the central bank’s policies in determining the free rate, play a significant role in increasing and decreasing They have a price.
In other words, the currency exchange price in common and daily cash transactions with normal amounts and volumes is known as the free exchange rate. In addition, cash transactions are transactions in which the seller and the buyer exchange rials and foreign currency as soon as the transaction is completed. In fact, it is the amount of supply and demand that determines the free exchange rate. If you need foreign currency for personal use such as foreign travel, you should get free currency from the market. This currency, unlike the government currency, which is very limited and is assigned to only a few goods, can be available to everyone.
What is the difference between nominal currency and free currency?
The difference between Nimai currency and free currency is that Nimai currency can only be received through the Nimai system and under certain terms and conditions, and it generally has a lower price than the free exchange rate. Importers have to go through certain steps to receive nominal currency and by providing the documents required by the central bank, they will receive the currency they need, which is specific to importers of permitted consumer goods. The source of currency in the Nimai system is the currencies obtained from exports, which are again paid to the exporters at the Nimai rate by authorized exchanges (brokers).
Please note that this currency is not available to the public and it is not possible to receive Nimai currency for personal use. Also, Nimayi currency is opposite Azadi currency, which you can get through some exchanges and brokers, and it has a higher price and can be used for personal transactions. It should be noted that the difference between the exchange rate in the Nimai system and the free market is one of the reasons why some exporters do not declare and register their foreign exchange earnings in the Nimai system. According to the laws, this act will bring many punishments and consequences.
What goods are subject to receiving imported currency?
In general, the imported goods were divided into 10 product groups to make it easier to identify the goods that are subject to receiving exchange currency. Except for the tenth group, which are imported luxury goods, other groups could use government currency; Elite, please note that the groups of goods can be changed depending on the country’s needs and the budget of 1401, the preferred currency has been removed and these things are for the past. The first 4 groups of imported goods to which government currency was assigned are:
- The first group: all basic imported goods that were determined by the Ministry of Industry, Mining and Trade.
- The second group: all capital goods and raw materials and intermediates that were determined by the approval of the Ministry of Industries.
- The third group: imported goods that did not require the purchase of government currency through the NIMAI system.
- The fourth group: Goods that are prohibited to be imported into the country for various reasons.
Note that the process of receiving imported currencies has been accompanied by many changes and currently preferential or government currency is not assigned to any goods; As a result, we suggest you to contact our experts for correct information and guidance regarding receiving Nimai currency and other currencies