With the government's rescue package for the currency market in full swing, exchange bureaus have found a newly-defined role after nearly four months of zero transaction.
As reported by the local media on Wednesday, money exchange shops, which once played the dominant role in the currency market in the absence of banks, have now been entrusted with the task of meeting "minor" hard currency needs at open market rates.
The Central Bank of Iran's new rules for exchange houses come with the caveat that they should adhere to CBI's forex rules as well as anti-money laundering regulations.
In a directive published on CBI's website on Tuesday, the bank said the purchase and sale of export hard currency by exchange bureaux would only be possible through the Forex Deals Integrated System (known by its local acronym Nima).
It also requires exchangers to sell the acquired export currency within three working days 1% higher than the purchase rate at Nima.
August 08, 2018 19:35
0
Exchangers in Iran Resume Work With New To-Do List
As reported by the local media on Wednesday, money exchange shops, which once played a dominant role in the currency market in the absence of banks, have now been entrusted with the task of meeting “minor” hard currency needs
Add new comment