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Iranian Government takes swift currency control measures

Iranian Government takes swift currency control measures
ID : N-1575 Date : 2018/04/10 - 10:14

(Persia Digest) – Following the unprecedented rise in the price of the dollar and other foreign currencies on Iran’s forex market, the government has taken measures to fix the price of the dollar at tomans 4200. This price has been set for all commodity groups, conditional on providing the necessary documents for the allocation of foreign currency. Travelers can buy and take USD 500 out of the country, delivered to them at airport gates.

Currency exchange can only take place at authorized centers and anything to the contrary will be considered smuggling and punishable by law. This is an indication that buying and selling foreign currency as a means of investment will no longer be possible.

Following this decision last night, Iran’s first Vice President, Eshagh Janahguiri, announced: “Interested parties can buy the dollar at tomans 4200 as from tomorrow in currency exchange offices under CBI supervision.”

He pointed to the unparalleled ascending price of the US dollar over the past few days, and said: “This is an unnatural occurrence in an economy with excess currency. Certain speculations indicate that meddling powers outside the country disturb its economy; others believe that undercurrents within the country are responsible for adding fuel to the fire to undermine the prevailing economic stability in Iran.”

Persia Digest reports that the price of the dollar hit the 6000 toman mark and over in recent days.

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