Economy, Business And Markets

Iran Parliament Briefed on Unified Forex Rates

The new measure in effect ended the dual foreign exchange rates and saw the official USD rate rise above 40,000 rials after 28 months
CBI Governor Valiollah Seif (Foreground) addresses the Iranian Parliament on April 10. CBI Governor Valiollah Seif (Foreground) addresses the Iranian Parliament on April 10.
According to CBI, any trading of US dollar outside the banking system and authorized exchange shops would be considered contraband

The Central Bank of Iran's Governor Valiollah Seif answered heated questions during an appearance in the latest open session of the parliament after the government announced late Monday that it has unified foreign exchange rates and the US dollar will be offered to all at 42,000 rials in response to the worst currency crisis hitting the country in more than five years. 
"Our enemies have not been sitting idle and are trying to create imbalance in our economy by creating volatilities. International pressures and some limitations have not been without effect concerning the current [forex volatility] conditions, otherwise we have sufficient forex reserves," Seif was also quoted as saying by ISNA.
The CBI chief tried to calm angry MPs, reassured that everyone, including medical patients and students, will receive the required currencies, and said forex rates are to move "in proportion to economic indicators" so they might fluctuate by around 5-6% during the current Iranian year that began on March 21.


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