CBI issues licenses to petrochemical and steel exporters
TEHRAN, Iran, Sep. 16
The Governor of the Central Bank of Iran announced licensing for petrochemicals and steel companies to exchange their export earned foreign currencies in authorized foreign exchange trade offices.
Emphasizing the priority of market stability for the central bank, Abdul-Nasser Hemmati said that the CBI will not allow arbitrage and fluctuations in the foreign currency market, Trend reports citing IRNA.
The Central Bank announced the increase in the injection of foreign currency in the Nima System, by accelerating the supply of petrochemicals, steels, and minerals exports earned foreign currencies.
The Iranian rial fell to a record low against the U.S. dollar last week as the Islamic Republic's economy struggles with the COVID-19 pandemic and U.S. sanctions.
Several media outlets and Telegram channels sharing Forex news in Iran reported that the dollar's price in the Tehran foreign exchange market again reached the record level of 260,000 rials
During the recent months, along with severe exchange rate fluctuations in the local market, the Central Bank of Iran (CBI) has tried to prevent further rises in the dollar's rate and sharp changes by injecting a limited amount of hard currencies into the market.