If you’ve tried to track the USD/IRR exchange rate for procurement purposes, you’ve probably noticed something odd: depending on where you look, you get different numbers. Sometimes very different numbers.
This is not a data error. There are genuinely multiple USD/IRR rates operating simultaneously in Iran, and each one means something different for B2B importers. Using the wrong one for cost modelling produces incorrect margin calculations, mispriced supplier negotiations, and unexpected cost surprises when reality catches up to the model.
The Three Rates That Exist
1. NIMA rate (Official Allocation Rate)
This is the rate set by the Central Bank of Iran (CBI) for approved import categories. It applies to goods the government subsidizes — primarily food staples, medicine, and basic commodities. The NIMA rate is always stronger (lower IRR per USD) than the free-market rate. In June 2026, the official rate sits approximately 30–50% below the free-market rate.
Who it applies to: Iranian importers with government approval to purchase USD at the subsidized rate. Most standard commercial imports do not qualify.
Why it’s irrelevant for most EU importers: Your Iranian supplier is almost certainly not buying their inputs at the NIMA rate. For industrial goods, finished products, and most categories of B2B trade, the NIMA window either doesn’t exist or requires government connections to access.
2. SANA rate (Sامانه نیما — trade platform rate)
The SANA rate sits between NIMA and the free-market rate. It applies to transactions settled through Iran’s official trade finance platform (NIMA), used for some export settlement.
3. Free-market rate (Bazaar Azad)
This is the rate at which ordinary Iranians and businesses buy and sell hard currency through exchange houses (sarrafis) and informal channels. TGJU publishes this rate in real time at tgju.org/profile/price_dollar_rl.
June 2026 free-market rate: approximately 1,753,000 IRR per USD.
This is the rate that matters for EU importers. Your Iranian supplier’s input costs — the ones not covered by government subsidy — track to the free-market rate. Their procurement costs, employee purchasing power, and day-to-day operational expenses are all priced at or near the Bazaar Azad rate.
Why Suppliers Quote in “Official Rate” Terms
Here’s where it gets practical and confusing: Iranian suppliers often quote export prices in USD amounts that were calculated using an older or official exchange rate — because that’s what makes their EUR pricing look competitive, or because their internal accounting still uses a managed rate.
A supplier might say: “Our production cost is 50,000,000 IRR per unit.” If they convert that using the NIMA rate (say, 500,000 IRR/USD), they quote you $100. If they convert it using the free-market rate (1,753,000 IRR/USD), the same 50,000,000 IRR production cost is only $28.50.
This disconnect — between the rate the supplier uses for quoting and the rate their actual costs track to — is where pricing surprises come from. A supplier whose production costs track to the free-market rate but who quoted you a USD price based on an official rate is sitting on a margin compression they will eventually pass to you as a price increase.
The Practical Approach
Step 1: Establish which rate your supplier’s costs track to.
Ask directly: “When you buy raw materials or components priced in USD, what rate do you use?” The answer tells you which rate their cost floor tracks to.
For most B2B suppliers in non-subsidized categories: the free-market rate.
Step 2: Use TGJU as your reference.
TGJU (Tehran Gold and Currency Market) publishes the free-market rate in real-time, is publicly accessible, and does not require any special access. Bookmark:
- USD/IRR: tgju.org/profile/price_dollar_rl
- EUR/IRR: tgju.org/profile/price_eur
Add a weekly calendar reminder to check both. The rate doesn’t need daily monitoring; a weekly check catches direction changes before they accumulate into surprise.
Step 3: Build the rate into supplier conversations, not supplier negotiations.
The most productive way to use FX data in a supplier relationship is not as a weapon (“the rate is down, so your prices should be lower”). It’s as shared context. When both parties are looking at the same rate, the pricing conversation is factual rather than adversarial. “Based on current TGJU, your cost structure for USD-priced inputs is approximately X — here’s what I’m seeing as a fair EUR price given those inputs” is a different conversation than “I think you’re overcharging me.”
A Quick Reference for June 2026
| Rate | Level (June 2026) | Applies to |
|---|---|---|
| USD/IRR (free market, TGJU) | 1,753,000 | Most commercial B2B trade |
| EUR/IRR (free market, TGJU) | ~2,024,100 | EUR-invoiced purchases |
| EUR/RSD (NBS official) | 117.38 | Serbia-side operations |
| USD/RSD (NBS) | ~108.74 | USD-RSD conversion reference |
Use the TGJU rates for supplier cost modelling. Use NBS for dinar-side operations planning.
The FX data exists. It’s public, it’s real-time, and it’s free. The gap between importers who use it and those who don’t is almost entirely one of awareness and habit — not access.
Follow the daily FX briefing at t.me/ahooshai.