Economy, Business And Markets

Seif: 5-6% Flexibility in USD Rate Until March

CBI will determine foreign exchange rates based on Iran’s inflation rate
5-6% Flexibility in USD Rate Until March 5-6% Flexibility in USD Rate Until March
Having a unified forex rate is approved by most experts and this rate will be moderated by macroeconomic indicators

Governor of the Central Bank of Iran said the exchange rates of the US dollar, which were unified at 42,000 rials last month, will not remain fixed and change 5-6% until the end of the current fiscal year on March 20, 2019. 
Valiollah Seif, who was addressing a gathering of bank chief executives on Sunday, added that CBI will act according to the inflation rate when it comes to determining the forex rate, IBENA reported. 
The forex unification came on the heels of a sharp slide in the value of rial.
According to the CBI measures, the US dollar for all purposes, including imports, travel, overseas students and research projects, will be offered by the government at the exchange rate of 42,000 rials. 
The announcement was later followed by other measures approved by the Cabinet and subsequently notified by CBI. 


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