84388
Iran Government Finally Unifies Foreign Exchange Rate
Iran Government Finally Unifies Foreign Exchange Rate

Iran Government Unifies Foreign Exchange Rates

Iran Government Unifies Foreign Exchange Rates

Iran's government decided to finally put an end to the dual foreign exchange regime, in an attempt to control the bullish foreign exchange and gold markets and promote safety of foreign investments.

The decision was made during an emergency meeting presided by President Hassan Rouhani on late Monday after the US dollar and almost all other foreign currencies hit new record highs against the rial in Tehran's market.

According to Vice President Es'haq Jahangiri who addressed the nation, the US dollar will be offered only at the unified rate of 42,000 rials to everyone as of Tuesday morning and anyone engaging in dealings with any other rate will be violating the law and committing an act of smuggling.

Iran has been operating two exchange rates: a free market rate and an official exchange rate which was set by the Central Bank of Iran on a daily basis and used for state transactions. The government has been working for years to gradually increase the official exchange rate and bring it closer to the free market rate. In order to reach that goal, it has also been shrinking the list of imported items eligible to receive foreign currencies at official rates.

On Monday, the rial's depreciation continued and the currency was quoted at 60,150 to the dollar in the open market, according to Tehran Gold and Jewelry Union's website.

"I assure the people the the government is capable of providing enough foreign exchange resources to the market," Jahangiri added in his address.

He also referred to the government's post-sanctions achievement in attracting billions of dollars in foreign finance resources to the country, and said, "The government is determined to preserve the stability of the economy."

Short URL : https://goo.gl/3nD5u8
  1. https://goo.gl/tuKmMs
  • https://goo.gl/7mA8i9
  • https://goo.gl/FkV6Vn
  • https://goo.gl/mw13Ru
  • https://goo.gl/zQ9Tf8

You can also read ...

Most French Firms ‘Won’t Be Able to Stay’ in Iran
Most French companies hoping to keep doing business in Iran...
Iran, Syria Mull Prospects of Economic, Trade Cooperation
Syrian Minister of Economy and Foreign Trade Mohammad Samer al...
Iran to Make Most of Eurasia Preferential Trade Agreement
Iran’s ambassador to Kazakhstan highlighted Tehran’s efforts...
President Hassan Rouhani, flanked by Parliament Speaker Ali Larijani (R) and Judiciary Chief Ayatollah Sadeq Amoli Larijani, attended the meeting in Tehran on June 19.
The Supreme Council of Economic Coordination, a joint meeting...
Iran Steel Output Surges 13%
Iranian steelmakers produced a total of 7.66 million tons of...
Second Preparatory Meeting for ‘Sports Economy Conference’
Donya-e-Eqtesad Media Group played host to the second...
Google to Invest $550m  in China’s JD
Google is investing $550 million in cash in China’s JD.com Inc...
Border Transit Rises 11% in 2 Months
More than 1.59 million tons of commodities were transited...

Comments

I like to know how can remove this problem

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus