Banks to exchange currency for tourists

Banks to exchange currency for tourists
ID : N-1750 Date : 2018/05/12 - 11:51

(Persia Digest) – 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.

It is the primary role of banks as brokers to buy currencies in order to manage the forex market between buyers and sellers.

Persia Digest reports that a problem faced by new forex market policies in Iran was that of tourists trying to exchange money. Following unprecedented fluctuations of foreign currencies, the government stopped buying and selling in currency exchange offices. Tourists cannot use credit cards in Iran, thus facing the problem of exchanging money. The new CBI memo has presently solved this problem.

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