Iran allowed importing foreign currency and gold

September 8, 2018 12:39 pmComments Off on Iran allowed importing foreign currency and goldViews: 53

Iran rialIran has allowed forex exchange bureaus to start importing foreign currency. That seems to be an attempt to prevent the Iranian rial from collapsing to a new low against the US dollar.

The Iranian currency lost about two-thirds of its value this year, and earlier in the week it fell to a record low of 150,000 IRR per USD. Today, the rate has risen to 130,000 IRR per USD in unofficial trade.

The Iranian rial is under pressure because of the weak economy, the financial difficulties of local banks, and the strong demand for dollars by the Iranians as a secure investment.

Many Iranians are afraid that the withdrawal of the US from the Iranian nuclear program agreement of 2015 and the resumption of sanctions against the country will shrink exports of oil and other commodities, which is likely to increase the pressure on the rival. A package of US sanctions against Iran’s oil industry is expected to take effect in November.

“The forex exchange bureaus are allowed to import currency in the country”, said the Central Bank Governor, Abdolnasser Hemati.

The forex exchange bureaus will be allowed to import gold, as well. Imports of gold and currency from exchange bureaus have so far been banned.

Abdolnasser Hemati, who was appointed head of the central bank in July for ongoing restructuring of senior economic positions, did not mention a decision to allow gold imports to be allowed.

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