Banks to Compensate Currency Needs for Essential Goods

Iran’s First Vice President Es’haq Jahangiri on Wednesday sought to reassure importers that their currency requirements will be fully met by the government and spoke of the banking system’s new mandate.
“The government will swiftly reimburse the difference between the currency rates of essential goods and medicine, and the banks have been obligated to pay 4,000 rials to traders and importers for each dollar,” he was quoted as saying by his official news website.
“Importers must not have any concerns in this regard,” he added.
A host of high-level officials, including several ministers, CBI Governor Valiollah Seif and two deputies of President Hassan Rouhani were present at the meeting and called on CBI to communicate the directive that officially obligates banks to cover the gap between the rates for importers as soon as possible.
When the government abruptly unified Iran’s dual foreign exchange rates on April 10 and set the US dollar rate at 42,000 rials, it effectively increased the previous subsidized rate of about 38,000 rials–which was only available to state departments and priority goods –by 4,000 rials.