Commission Proposes Forex Rate Hike for Essential Goods Import

The Joint Commission of Iranian Parliament has voted in favor of changing the foreign exchange rate for the import of essential goods from 42,000 rials to 175,000 rials per dollar, suggesting that the prices of essential imports should be set in accordance with the exchange rate prevailing in the so-called secondary FX market, known by its Persian name Nima. 
The real market price of the dollar is around 60% higher. 
According to Rahim Zare’, the commission’s spokesman, the move is aimed at unifying the exchange rates, preventing the supply of imports at free market rate and fighting rent-seeking and corrupt practices. 
“Importers used to sell their products at prices determined by the free market despite the government’s allocation of subsidized forex at the rate of 42,000 rials per US dollar,” he was quoted as saying by IRNA. 
The government’s revenues are projected to increase by 400 trillion rials ($1.55 billion), provided the commission’s proposal is approved by the parliament in an open session.