The Central Bank of Iran on Sunday said selected banks have been allowed to sell foreign currency at negotiated rates in line with new measures to help tame the high and rising forex market.
It listed 31 branches of Bank Melli Iran, Bank Mellat, Bank Tejarat Bank Saderat across Tehran City where Iranians can buy up to €2,000 at negotiated rates by showing their ID cards, the CBI website reported.
For years only authorized exchange shops traded in foreign currency.
Market observers say the sudden surge in forex rates is mostly because of the steep increase in demand. The new move seems to be a part of CBI plans to control the forex market after rates jumped to historic highs over the past week.
Currency prices jumped again in Tehran's open market with the US dollar posting another all-time high at the weekend. The greenback was quoted at 362,500 rials on Saturday, up 3.86% or 14,000 rials on Thursday. It was quoted at 359,200 rials on Sunday, down nearly 1%.
In the official market operated by the CBI-affiliated exchange bureaus, the US currency bought 290,440 rials -- up 0.06% on the session before.
The widening gap between rates of bank-affiliated exchange shops and the open market have led to long lines in front of bank-affiliated exchange shops, local media outlets reported.
In the regulated market it was quoted at 288,900 rials -- up 0.06% from the previous day’s close, the Iran Currency Exchange website reported.
The euro jumped 6.09% on Saturday to buy 361,300 rials. However, it was down 1.4% on Sunday at 356,320. The UAE dirham lost 1.34% and was traded at 97,200 rials.
The CBI last week ordered exchange shops to buy and sell currency online through the website of the Iran Currency Exchange (ICE).
Gold Down
The price of gold coins also declined on Sunday. The Emami gold coin was quoted at 163.29 million rials, down 2.14% on the day before. Half Bahar Azadi coin lost 0.57% to buy 88 million rials and the Quarter Bahar Azadi coin was down 0.87% at 58 million rials.
