Economy, Business And Markets
0

Central Bank of Iran Gives More Latitude to Money Changers

President Hassan Rouhani on Wednesday weighed on issues surrounding the increasingly volatile currency market saying that he prefers a "moderate" exchange rate Caption: The CBI has focused efforts on the open market in order to curb demand.
Central Bank of Iran Gives More Latitude to Money ChangersCentral Bank of Iran Gives More Latitude to Money Changers

The Central Bank of Iran on Wednesday allowed currency exchange houses to sell hard currency up to €5,000 to anyone wanting to buy as the bank struggles to stabilize the foreign exchange market.  
The CBI issued a statement on its website announcing that certified exchange bureaux can sell currency in the form of banknotes to a ceiling of €5,000 or equivalent in other currencies at market rates. 
Prior to the directive, exchange bureaus could only sell currency for non-commercial needs only for 23 defined purposes. Those included currency needed for students’ tuition fees, costs of aviation companies, registration fees for international tests and fees for educational and research courses in and outside the country. 

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.

Add new comment

Financialtribune.com