Azerbaijan, Baku, July 21/Trend M. Moezzi
Despite experts' warnings against such a move, Iran will begin using a three-tiered currency exchange rate system for imports and exports.
The head of the Iranian Majlis' (parliament) Economic Committee announced today that Iran's priority imports will get currency at the official exchange rate of 12,260 rials to the dollar, the Iranian Students' News Agency (ISNA) reports.
The Central Bank of Iran (CBI) has previously announced delivering foreign currency would be divided into five categories based on priorities.
Last week, Mohammad Nahavandian, a member of the Tehran Chamber of Commerce had warned against a multi-tiered currency exchange rate, saying it was legally prohibited. Other economic specialists have warned against such a move saying it will make the economy susceptible to misuse by some.
Private sector businesses have been hurt in Iran's fluctuating foreign currency market. They have asked repeatedly for a stable currency exchange rate to be established.
Iran's economy is under pressure from international sanctions against the country's oil industry and its Central Bank. The rial, Iran's currency began its slide compared to the dollar this winter and has lost more than 40 percent of its value over the last six months. The CBI issues a single exchange rate to stabilize the currency. That has not worked.