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Iran saves some $5 billion on "travel exchange" strategy

Business Materials 2 August 2012 14:27
Iran is able to save some $5 billion on the "travel exchange" strategy, head of Iran's Central Bank Mahmoud Bahmani said, Fars reported.
Iran saves some $5 billion on "travel exchange" strategy

Azerbaijan, Baku, Aug. 2 /Trend S.Isayev, T. Jafarov/

Iran is able to save some $5 billion on the "travel exchange" strategy, head of Iran's Central Bank Mahmoud Bahmani said, Fars reported.

Head of Iran's Central Bank Mahmoud Bahmani earlier said that from now on the "travel exchange" would only be available for pilgrims traveling to holy places.

Several weeks ago Iran started to implement "economics of resistance" in the country, in case of emergency. The "travel exchange" (rial-to- foreign currency) strategy is being implemented in Iran to limit the amount of funds give to Iranians traveling abroad by the government.

Bahmani noted that Iran will be saving from $5 to $7 billion each year, if the traveling exchanges are limited.

According to Bahmani, usual Iranians going abroad take about 70 percent of that annual sum of money. The rest goes for pilgrims. He added that eliminating that category of travellers, allows government to give more money to the people travelling to holy places.

In recent months, Iran's Central Bank has been spending all its efforts on making the bank exchange rates and those at open markets, equal.

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