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Banks Notified to Adjust Forex Rates in Financial Reporting

Banks Notified to Adjust Forex Rates in Financial Reporting Banks Notified to Adjust Forex Rates in Financial Reporting

New exchange rates should be used by banks as the basis for converting their forex debt and assets into rial, the Central Bank of Iran said Thursday.
As per a CBI bylaw, each euro will be equal to 129,000 rials and the US dollar will be worth 110,000 rials (or equivalent in other currencies). 
As a matter of policy, the CBI regularly updates parity rates with the national currency to be used by lenders as the basis for preparing their financial statements.

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