Forex Rate Unification in 2 Months

It will take two months for the Central Bank of Iran to implement plans for unification of foreign exchange rates, said Valiollah Seif, CBI’s governor. He noted that plans will start once the central bank “feels it is the right time to do so,” banker.ir quoted him as saying on Wednesday. Central Bank of Iran and Ministry of Economic Affairs and Finance had announced that forex rates will be unified by the end of the current fiscal year (March 20, 2017) but currency market fluctuations seem to have delayed the process. Seif noted that normalization of banking relations with foreign countries is the prerequisite for adopting a single foreign exchange regime. He was optimistic about Iranian banks’ reintegration into international banking network, considering “all the measures taken for promoting banks’ operations in line with international standards.”