CBI Vows to Address Forex Policy Flaws
CBI Vows to Address Forex Policy Flaws
Monday, April 30, 2018

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
Monday, April 30, 2018

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. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Short URL : https://goo.gl/EnwjCG
  1. https://goo.gl/ebLZMq
  • https://goo.gl/htXZpV
  • https://goo.gl/y67AeN
  • https://goo.gl/sXo8Gk
  • https://goo.gl/vLnhNb

You can also read ...

Effects of Sanctions on Food Consumption of the Poor
It is now clear that the purpose of US sanctions against Iran...
CBI Moves to Sideline USD
As part of the latest measure to ditch the US dollar from the...
Surcharge on Forex Rate Difference “Illegal”
The retrospective application of Clause Five of the government...
New Online System to Monitor Warehouses Countrywide
All warehouses in Iran are required to register in the so-...
Bank Loans Hit €18 Billion in 4 Months
Banks and credit institutions allocated a total of 1.67...
Sanctions, Banking Troubles Facing Iranians in Hong Kong
Banking for companies that do business with Iran–as well as...
Sesame Oil, Products Imported From  6 Countries
More than 1.38 million tons of sesame oil and products worth $...
Gov’t to Build  2 New Towns
The Iranian government will commence the process of building...

Add new comment