Economy, Business And Markets

Banks Commence Forex Operations

Banks Commence Forex OperationsBanks Commence Forex Operations

Following the Central Bank of Iran’s official authorization, Bank Saman and Bank Saderat Iran became the first banks to start offering foreign exchange services. In a statement, the International Affairs Department of Bank Saman announced that exporters, foreign investors and contractors for foreign employers can now sell hard currency at any of the bank’s branches, reports In an unprecedented move, Bank Saderat Iran has also started accepting qarzol-hasaneh (interest-free) foreign currency deposits. Instead of paying interest, the BSI will reward depositors with random cash prizes. The CBI this week permitted the banking sector to trade foreign exchange in the open market in line with long-awaited plans to unify forex rates.