CBI Raises Exchange Rates for Banks

The Central Bank of Iran on Wednesday announced new foreign exchange rates based on which commercial banks should convert their currency assets.
According to a press release posted on the CBI’s website, banks are now allowed to prepare their financial statement based on new exchange rates, which has been increased substantially compared with the previous conversion rates. 
As per the announcement, each euro will be equal to 220,000 rials (or equivalent in other currencies) and the US will be worth 200,000 rials, respectively indicating a 70% and 81% increase compared with previous parity rates in which a euro was worth 129,000 rials and a USD was valued 110,000 rials.