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Unification  of Rates Takes More Time
Economy, Business And Markets

Unification of Rates Takes More Time

Governor of the Central Bank of Iran Valiollah Seif announced that it would take the regulator eight to ten months to unify the foreign exchange rates since the central bank’s connection with international banks and brokers should be reestablished first to make the currency policy effective. He attributed the narrowing gap between official and unofficial foreign exchange rates to the external shock imposed by the nuclear deal, saying that stability of the market would return due to demand-supply balance, Eghtesad News website quoted him as saying on Monday. Earlier this month, Seif said within five to six months after the nuclear agreement is signed between Tehran and the six world powers, he would implement the long-awaited plan. Iran reverted to a multiple exchange rate system following the intensification of sanctions in 2010, which barred the central bank from its overseas assets, and made it impossible for the bank to stabilize the rial.

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