Economy, Business And Markets

Forex Lenders Expand

Forex Lenders Expand Forex Lenders Expand

The Central Bank of Iran has allowed Tejarat, Parsian and Mellat banks to join their peers Melli and Saman in operating as the authorized lenders of hard currency to importers, outbound tourists and students. Under the new revisions, Tejarat and Parsian banks are also charged with meeting the foreign currency needs of those traveling to Iraq for pilgrimage, in cooperation with the Hajj and Pilgrimage Organization, IBENA reported on Friday. A CBI directive in April stipulated that hard currency be only supplied by certified banks to 33 designated groups. The amendments came after a currency crisis triggered a government decision on April 9 to unify the official and free market exchange rates for the rial at a single rate of 42,000 against the US dollar. Based on the new regulations, travelers to foreign destinations can receive up to €500 or its equivalent in other currencies for the Commonwealth of Independent States and neighboring countries and up to €1,000 for other countries. As per CBI’s policy revisions, Iranians based overseas are not eligible to apply for foreign currency.


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