88275
Gov’t Limits  Forex Supply  to Importers
Gov’t Limits  Forex Supply  to Importers
Tuesday, June 19, 2018

Gov’t Limits Forex Supply to Importers

Tuesday, June 19, 2018

Gov’t Limits Forex Supply to Importers

The government has curbed the allocation of foreign currency for the import of some commodities and appears set to launch a revised currency policy, Mehr News Agency cited an unnamed bank official as saying. In response to the sudden hike in foreign exchange 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. The Central Bank of Iran included importers among groups eligible to receive foreign currency at the government rate. However, the government is facing a challenge handling the huge demand of $20 billion worth of import orders, prompting it to halt the allocation of foreign currency to many import commodities, the unnamed banking source said.”Bank branches are accepting limited applications for the 42,000-rial dollar and have significantly wound down the process. The government move is considered positive, although it has given rise to ifs and buts, and might fuel rent-seeking,” the official said.

Premium

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/xS7rme
06/19/2018
  1. https://goo.gl/2nLHhN
  • https://goo.gl/xVKFtL
  • https://goo.gl/m16hB7
  • https://goo.gl/frReyf
  • https://goo.gl/nBEP7Q

You can also read ...

Guidance Forum for Startups
The local accelerator Novintech is set to hold a Q&A...
Fresh Forex, Gold Coin Rally in Tehran Market
After a period of calm, the US dollar is once again surging in...
SpaceX founder Elon Musk says block 5 boosters should be able to fly 50 to 60 times with minimal refurbishment between flights.
Lighting up the deep overnight sky, a SpaceX Falcon 9 rocket...
Photo: Alireza Izadi
Iran’s flag carrier airline, Iran Air, has no plan to renovate...
Iran, Iraqi Kurdistan to Set Up  Industrial Town Along Border
The construction of an industrial city will soon start near...
Seafood Exports Earn $50m in 2 Months
About 16,000 tons of seafood worth close to $50 million were...
Iran-Europe Business Center Hosts Talks in Berlin to Foster Tech Ties
A meeting has been held between Iranian and European startups...
Isfahan Airport to Increase Plane Parking Capacity
Isfahan International Airport’s parking project has started...

Add new comment

Trending

Googleplus