The government allowed gold exporters to sell their foreign exchange earnings to banks at market rates in an attempt to expand exports of the yellow metal, said Mohammad Reza Modoudi, deputy head of the Trade Promotion Organization of Iran. Previous regulations required gold exporters to repatriate their forex revenues through the banking system at the official exchange rate, Alef news reported on Monday. The policy had discouraged exporters from bring their money home through the legal channels like banks and hard currency dealers due to the normal 3,000-4,000 rial difference between the official and market rates.
