Reported by HPMM Group according to FINANCIAL TRIBUNE ; First Vice President Es’haq Jahangiri on Monday officially inaugurated the Forex Deals Integrated System, an online system designed to address the country’s currency needs and boost transparency.

“This system is a new opportunity for importers to be able to get their required foreign currency easily and for exporters to offer their proceeds to the market,” Jahangiri, accompanied by CBI Governor Valiollah Seif and Industries Minister Mohammad Shariatmadari, among others, was quoted as saying by IBENA.

In this system, locally known by the acronym Nima, importers declare their currency needs, exporters–including the government as oil exporter–register their foreign currency proceeds, and banks and money exchangers act as mediators. CBI will exert oversight and have better control over market supply and demand. “Based on the new policies, the flow of foreign currencies from the country and smuggling will significantly decrease or will even be eliminated,” Shariatmadari said at the ceremony. Seif said 9,210 credit lines worth $2.36 billion have been opened at the new USD rate of 42,000 rials, whereas 5,250 openings have been made with euro worth €۱٫۵۵ billion.

“Banks and foreign exchange shops have announced that they are ready to purchase foreign currency through Nima without any limitations,” he said.