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Exchange shops were prohibited by CBI from trading hard currency in the wake of rate unification.
Exchange shops were prohibited by CBI from trading hard currency in the wake of rate unification.
Tuesday, May 08, 2018

Forex, Gold Rally in Tehran Open Market

Since the greenback’s exchange rates were unified by the government on April 9 at 42,000 rials to prevent the steep decline in the rial’s value, no official sources quote what is now the “black market” rate of the American currency
Tuesday, May 08, 2018

Forex, Gold Rally in Tehran Open Market

Finance Desk

Iran's foreign exchange and gold markets have witnessed historic rallies in the past few days as May 12 approaches, a date when US President Donald Trump is widely expected to deal a fresh blow to the country's landmark multilateral deal with world powers.
Since the greenback's exchange rates were unified by the government on April 9 at 42,000 rials to prevent the steep decline in the rial's value, no official sources quote what is now the "black market" rate of the American currency. However, reports indicate the US dollar is climbing to new heights of as much as 70,000 rials in Tehran, a rate that seemed inconceivable in the past. 
Tehran Gold and Jewelry Union reports open market rates of other currencies and quoted the euro and pound as reaching highs of 74,640 rials and 84,760 rials respectively on Monday. Their official rates announced by the Central Bank of Iran stood at 50,295 rials and 56,958 respectively on the same day, indicating a stark contrast.
Since exchange shops were prohibited by CBI from trading hard currency in the wake of rate unification and are now only legally allowed to allocate foreign currencies required for imports and purchase repatriated export proceeds after gaining the approval of banks, gold and jewelry shops have emerged as the new unlikely sellers of foreign currencies at the extremely inflated rates. 

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05/08/2018
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