Business And Markets

5 Banks Sell Cheaper Forex

5 Banks Sell Cheaper Forex
5 Banks Sell Cheaper Forex

Five banks will start selling dollars and euros without the need for buyers to register with the Iran Central Exchange website, the Central Bank of Iran announced on Thursday.

Selected branches of Bank Melli, Bank Mellat, Tejarat Bank, Bank Sepah and Bank Saderat will start selling foreign currency up to €5,000 at rates announced on the ICE website.

Per law, every Iranian could buy $2,000 or equivalent every year at slightly lower rates compared to the unofficial market by presenting their ID card. That policy led to long lines of buyers of the cheaper currency and sell it in the open market at higher prices to make an extra buck.

Elaborating on the latest measure, the CBI head said Wednesday that people can now “buy as much foreign currency as they want without the need to register at the ICE.”

The CBI rate for Thursday under the banner of “latest rates at exchange shops" was 416,000 rials to the dollar, the euro was priced at 455,440 rials. The ICE apparently stopped announcing the so-called 'negotiated rate' on its website on Tuesday.

On the same day the CBI said licensed forex shops can buy/sell foreign currency based on the cash (unofficial market) price posted on ICE website.



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