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Banks to exchange currency for tourists

Banks to exchange currency for tourists

The Central Bank of Iran (CBI) has issued a memo allowing all banks and credit institutions to buy currency from foreign tourists, foreign lorry drivers in transit, foreign investors, diplomats residing in Iran, and representative offices of foreign banks, with written requests at prices announced daily by the CBI. They can sell the currency within the forex market regulations in Iran.

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Iran’s farewell with the dollar

Iran’s farewell with the dollar

On a Wednesday meeting by the cabinet, helmed by President Rouhani, all ministries and governmental organizations and companies will use the euro as the basis for reporting and disseminating statistics, information, and financial data.  

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Risk of war between Iran and Israel in Syria

Risk of war between Iran and Israel in Syria

On 15 April 2018, Thomas Friedman wrote in the nytimes.com: “SYRIA-ISRAEL BORDER, Golan Heights — Stop me if you’ve heard this one before: Syria is going to explode. I know, you have heard that one before, but this time I mean really explode. Because the U.S., British and French attack on Syria to punish its regime for its vile use of chemical weapons — and Russia’s vow to respond — is actually just the second-most dangerous confrontation unfolding in that country.  

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Political and economic reasons of rising exchange rates

Political and economic reasons of rising exchange rates

Dr Mahdi Pazouki, Economist, told Persia Digest: “Currency fluctuations in Iran have two reasons. The financial reason is the volume of liquidity in the Iranian economy, which is tomans 1500TR. This large figure is a potential danger for the economy. Governments must direct this volume of liquidity towards production for economic growth. But, even if 10 percent of this large volume of liquidity enters the market, it will create fluctuations in currency rates due to the atmosphere of distrust and uncertainty.”

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Euro to become the official foreign currency used in Iran

Euro to become the official foreign currency used in Iran

Currency fluctuations over the past months in Iran, especially in recent days, has prompted the government to make new policies in order to control the forex market here. It has taken immediate action by setting a single price of tomans 4200 for the US dollar; but, reports indicate exchange offices are refusing to sell the dollar at this price and all exchanges have come to a halt.  

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Iranian Government takes swift currency control measures

Iranian Government takes swift currency control measures

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.  

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The dollar takes flight in the sky of Iran

The dollar takes flight in the sky of Iran

Currency prices have been going through a bull market in Iran over the course of the past couple of days. In IRR currency, the US dollar was exchanged for tomans 5220 yesterday, showing a leap of tomans 130/dollar. Ascending prices continued this morning to reach tomans 5750 by 14h00 hours. The euro has also passed the 7160 toman mark. Other currencies, including the pound sterling, have reached unprecedented prices.  

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New Iranian debit card for tourists

New Iranian debit card for tourists

The Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization has announced a joint project with the Central Bank of Iran (CBI) for a prepaid debit card for tourists traveling to Iran. Funds can be added to the card in return for their currency and converted to Iranian rials (IRR).  

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Foreign investment in Iran grows by 37%

Foreign investment in Iran grows by 37%

During the first six months of the Iranian year, 33 industrial, mining and commercial projects were approved by the Foreign Investment Board, which is up by 28% as compared to a similar period last year when 24 projects were approved.  

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Euros 3 billion invested in Iran by Russia

Euros 3 billion invested in Iran by Russia

Two agreements have been signed between Iranian Railways, the Russian Export Center, and the Export Insurance Agency of Russia (EXIAR), according to which the Russians will invest 3 billion euros over five years for the joint production of cars, locomotives, and the equipment needed for Iran’s rail transport network.  

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Tehran Stock Exchange breaks 50-year record

Tehran Stock Exchange breaks 50-year record

The Tehran Stock Exchange index grew by 1130 units on Saturday 25 November 2017, to break its own record for the first time in half a century by crossing the 90 thousand-unit limit to 90 thousand 469. Previously, the highest exchange rate index was on 2 January 2013 at 89 thousand 500 units. After that, the stock index experienced a downward trend.  

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