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Central Bank of Iran bars exchange shops from selling forex

16 April 2018 [12:29] - TODAY.AZ

By  Trend

The Central Bank of Iran (CBI) has banned offering foreign currencies in exchange shops across the country amid growing concerns over the depreciation of the national currency, rial.

"The sale of foreign currency through the exchange shops is prohibited, so far," Mohammad Ali Karimi, the head of Public Relations Office at the CBI, told IRIB news agency.

He added that the central bank will provide the nation with the required currencies through its systems.

Saying that the central bank has decided to create its system for trading foreign currency namely "Nima", he added that the exporters of non-oil products will supply their foreign currency through the system.

Earlier this week, Iran imposed a 10,000-euro ($12,400) ceiling on the amount of foreign currency that citizens can hold outside banks.

The rial lost close to half its value on the free market since September, driven in part by concerns over a possible return of sanctions in case of US exit from the 2015 nuclear deal with Tehran.

First Vice President Eshaq Jahangiri on Monday evening announced the authorities’ latest decision on unifying official and free-market exchange rates for the rial in favor of a single rate set at 42,000 against the US dollar.


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