TEHRAN, Iran, May 9. Iran's Vice President for Economic Affairs Mohsen Rezaie announced that the government will raise monthly cash subsidy payments to 4 million rial ($95), Trend reports citing Mehr.
According to Mohsen Rezaei, Vice President for Economic Affairs, the change comes as part of a plan to justly distribute the revenue of getting rid of official subsidized exchange rate.
The subsidized exchange rate meant that the government offered a special exchange rate for the dollar — far lower than the market exchange rate, where one dollar is valued at more than 260,000 rial. The subsidized exchange rate meant that the dollar was valued at 42,000 rial.
According to the plan, the government will pay 4 million rials ($95) per month to all members of the first three economic deciles and 3 million rials ($71) to next five economic deciles.
The Vice President said it was decided to pay subsidy in cash for the first 2 months.