Iran's Central Bank warns over abuses in foreign currency market
Tehran, Iran, Feb. 1
Governor of the Central Bank of Iran Abdolnaser Hemmati has warned over possible abuses in foreign currency market and high rates on the pretext of SPV and Palermo bill.
"These days, unfortunately, some individuals, officials and those who profit have created a negative atmosphere. Dealers and those who gain from fluctuations abuse this situation, including Palermo bill or SPV and other pretexts to sell foreign currency at higher rates," Hemmati posted on his Instagram account.
Iranian lawmakers approved the Palermo bill on joining the United Nations Convention against Transnational Organized Crime (UNTOC) in July. However, the bill was rejected by the Expediency Council.
The Palermo bill is one of the four government bills that seek to bring Iran's anti-money laundering and countering of terrorism financing standards in line with international norms, specifically those defined by the Financial Action Task Force (FATF).
Meanwhile, the EU is finally launching the special purpose vehicle (SPV) in coming days to facilitate Iran’s trade and financial transactions.