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Forex Rate Unification Strengthens Iran Banks

The government announced this week that it is enforcing a single exchange rate to the dollar. The government announced this week that it is enforcing a single exchange rate to the dollar.

As Iran moves to unify its exchange rates, the government has announced new policies that give the banking system the prime role in the foreign exchange market. 
According to measures decided at the Cabinet meeting late Wednesday, all purchase orders (for imports ), including those at free trade zones and special economic zones, will have to be officially registered, the hard currency for which will be provided exclusively by banks or licensed currency exchangers. 
According to the rules published on the official website of President Hassan Rouhani, remittances can only be processed through banks and certified exchange shops. 
Elaborating on the measure, Central Bank of Iran's deputy for foreign exchange affairs said on Friday that all importers should get their hard currency from the banking system and if banks have any difficulty in this regard, the duty falls to certified exchangers. 

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