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No More Cheap Currency for Iranian Students

No More Cheap Currency for StudentsNo More Cheap Currency for Students

The Central Bank of Iran has eliminated another use of foreign currencies at official rates, announcing through a directive that as of the beginning of the current fiscal year on March 21, students are only allowed to take $15,000 out of the country through selected  agent banks–Tejarat and Saman–and on the basis of free market rates. “The sale, transfer and payment of foreign currencies for students’ living expenses up to a cap of $1,000 per person and $500 for each family member a month” are also strictly allowed at free market rates and through the two aforementioned banks, reports IBENA, a CBI-affiliated news website. Taking into account Sunday’s sudden rise in foreign exchange rates, the official and market rates of the US dollar had a whopping discrepancy of about 20,000 rials.   

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