Fluctuation is not a correct term for what is happening in Iran's foreign exchange market, the deputy head of Iran Chamber of Commerce, Industries, Mines and Trade said.
“Foreign currency rates normally range from 1 to 2% in other countries, but in Iran such fluctuations are close to 40%," Jamshid Edalatian was also quoted as saying.
"We need raw materials for our factories. But many goods and services are not being traded in the market due to instability of foreign currency rates and the fact that the recent foreign currency measures have thrown markets into limbo.
Edalatian noted that instability in forex rates has impacted the decision making of investors and traders.
April 22, 2018 18:24
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Traders in Limbo Amid Currency Market Chaos
Since the announcement of the new government policy on foreign currency rates, almost no new import orders have been registered
In a recent directive, the Central Bank of Iran announced that hard currency would only be supplied by certified banks to 33 designated groups
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