The Central Bank of Iran said $2 billion was supplied to the market via the newly-created Iran Center of Exchange (ICE) in the first week of its operation.

From the total forex offered via the ICE $1.474 billion was purchased, IBENA reported. The CBI said the market hosted about $294 million in transactions each day, whereas the average daily supply was near $414 million. The regulator implied that supply was over and above demand.

The figures are seemingly twice the average trade in the Nima market, wherein nearly $200 million was offered daily but $150 million was bought, mostly for paying import bills.

Nima is an online platform affiliated to the CBI through which exporters sell their overseas income in the form of hawala and companies buy for importing goods, machinery, equipment and raw material.

financialtribune