Economy, Business And Markets

CBI Vows to Address Forex Policy Flaws

The CBI chief said that while the remaining questions will be answered overtime, major problems have been solved and other minor issues will also be addressed
CBI Vows to Address Forex Policy Flaws CBI Vows to Address Forex Policy Flaws

The governor of the Central Bank of Iran acknowledged shortcomings in the government's new foreign exchange policy, promising that they would be addressed. 
Valiollah Seif, in his first TV appearance since the US dollar's exchange rate unification on April 10, also said the newly-launched Integrated Foreign Currency System (locally known as Nima) is not without flaws which, he said, were "extremely limited". 
"About controls [or limits] to use foreign exchange, such as the €1,000 cap per trip, there will certainly be problems along the way," Seif said."For example, if someone wants to travel abroad more than once a year, they will most probably agree to buy foreign currency at higher rates."
The dramatic decision to unify the dollar's exchange rate at 42,000 rials was made in the wake of a sharp slide in the value of rial in the early days of the current fiscal year that began on March 21.
According to the measures, the US dollar for all purposes, including imports, travel, overseas students and research projects, will be offered by the government without limit at the same exchange rate. 


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