Director of Bank Melli of Iran’s Foreign Exchange Department Gholamreza Panahi outlined the lender’s measures to comply with new policies tightening government control over the foreign currency market. “The policy of unifying foreign exchange rates was adopted by the government and the Central Bank of Iran to contain volatility in the forex market. The first day after the new instructions were issued, BMI began selling foreign currency to outbound travelers. It has supplied travel currency to more than 73,000 people,” Panahi said. BMI has also extended a total of €600 billion to importers of commodities and services so far, purchased through CBI and the Nima system, BMI’s website quoted him as saying on Saturday. In response to the sudden hike in foreign currency rates in early April, which saw the rial trading at 62,000 to the dollar, the government decided to enforce a single exchange rate of 42,000 rials and ban any trading beyond that rate.
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