Iran General NewsIran Central Bank says rial can be traded at...

Iran Central Bank says rial can be traded at market rates


Bloomberg: Iran’s Central Bank, which had fixed the national currency at 12,260 to the dollar in a bid to stabilize it, said traders are once again allowed to buy and sell at market rates.


By Ladane Nasseri

Iran’s Central Bank, which had fixed the national currency at 12,260 to the dollar in a bid to stabilize it, said traders are once again allowed to buy and sell at market rates.

“Licensed exchange houses are given permission to buy and sell foreign currencies and answer customers’ needs based on the mechanism of the market’s supply and demand,” the central bank said in a statement posted on its website.

The announcement follows a meeting between central bank officials and representatives of the Association for Exchanges of Iran, according to the statement. The bank’s deputy governor for foreign-currency affairs, Minou Kianirad, wasn’t available to comment after a phone call to her office.

The move marks an easing of the institution’s stance after it fixed in January the rate of the rial to the dollar, a devaluation of about 8.5 percent, and barred transactions in unofficial currency markets where the rate had soared to almost twice that level. The drop had been a result of Iranians’ rush to buy dollars on concern the government may be unable to maintain economic stability amid international pressure and tighter financial sanctions on Iran.

Under the Jan. 26 decision, Iranians’ demand for foreign currencies had to be met through banks or licensed exchange houses selling dollar at the official rate. The restrictions didn’t succeed in recent weeks in halting transactions on the black market at rates close to 20,000 rials to the dollar.

Central Bank Governor Mahmoud Bahmani said in a meeting last week with the Association for Exchanges that the bank backed exchange houses’ ability to use market rates and that it was necessary for currencies’ rates to be “real,” the Donya-e- Eqtesad newspaper reported March 15.

The Association for Exchanges listed the market rate at about 19,050 rials at 11:45 local time today. The rate indicated is for information and transactions are carried out based on agreement, it said on its website.

Latest news

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

Must read

Trump must work with Iranian Opposition

Iran Focus London, 2 Feb - Yet another human rights...

Former CIA director: US must keep military action in Iran on table

Iran Focus London, 25 Jan - A former CIA...

You might also likeRELATED
Recommended to you