56127
Businesses Told to Buy  Foreign Currency From Banks
Businesses Told to Buy  Foreign Currency From Banks

Businesses Told to Buy Foreign Currency From Banks

Businesses Told to Buy Foreign Currency From Banks

The Central Bank of Iran, in a statement on Saturday, informed businesses to approach the banking system for purchasing foreign exchange.  
“Back in July, the banking system was authorized to trade in foreign currencies at the open market rate and lenders are currently prepared to meet the foreign exchange needs of businesses,” reads the statement published on CBI's website.
The statement comes in the wake of the recent US dollar rally in Tehran market, which the CBI insists is mostly fueled by market speculations, the website of the Association of Bureaux de Change Operators of Iran said.
The US dollar broke the 40,000-rial threshold in Tehran's market on Wednesday, recording an all-time high. It was sold for 40,200 rials at the close of trade on Wednesday
The greenback changed hands at 40,500 rials late Saturday.
The central bank has also announced that the forex rally is transitory  and will be over by the end of the current fiscal year (March 20), rejecting claims that the government is in favor of increasing forex rates to make up for its budget deficit.
CBI also expects an immediate drop in the US dollar's exchange rate after the New Year’s Eve.
According to the statement, the central bank will provide the banking system with hard currency to meet the importers’ need.
CBI will also continue to offer foreign currencies at the official subsidized rates, a move condemned by the private-sector activists as harming production and giving rise to rent-seeking.
Back in July, CBI allowed commercial banks for the first time to trade in the parallel foreign exchange market, as part of the initiative to scrap the dual exchange rates and move toward a floating currency regime.  
According to the CBI statement, banks in recent weeks have been authorized to offer more services in foreign currencies.

 

Short URL : https://goo.gl/eoaEKR
  1. https://goo.gl/k1hlqe
  • https://goo.gl/wAEYjU
  • https://goo.gl/wDAprF
  • https://goo.gl/41AiaQ
  • https://goo.gl/VRhtff

You can also read ...

Support for  Forex Measures
The head of Competition Council welcomed efforts made by the...
The looming crisis in the emerging markets, set off by the run on the Turkish lira, has had a more direct impact on the Iranian rial than anything the US has claimed.
Since the beginning of the fiscal 2018-19, the Iranian rial...
CBI: Currency Inflow Growing Steadily
Governor of the Central Bank of Iran said on Saturday that...
Uber in Talks to Buy Food-Delivery Company
Uber Technologies Inc. is in early talks to buy food-delivery...
UK Firm: Progress Made With Iran Airport Contract
UK-based security solutions supplier Westminster Group said it...
Yu Chang Hwang (L) and Mohammad Reza Bakhtiari
South Korea’s new ambassador to Iran, Yu Chang Hwang, said...
Without Waivers, US Sanctions on Iran Will Cripple Iraq
Iraqi officials, struggling to form a new government months...
Watermelon Exports  Exceed $100m
Iran exported 569,974 tons of watermelon worth $106.42 million...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus