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CBI reveals data on savings following elimination of subsidized exchange rate in Iran

Finance Materials 3 October 2022 13:52 (UTC +04:00)
CBI reveals data on savings following elimination of subsidized exchange rate in Iran

TEHRAN, Iran, October 3. The Statistics of the Central Bank of Iran show that abolishing the exchange of dollars under the official exchange rate (where $1 equals 42,000 rials) has led to savings of $2 billion, Trend reports citing Mehr.

The spokesperson of the Central Bank of Iran Mostafa Ghamari Vafa said according to the statistics, the demand for foreign currency has decreased by $2 billion in the first 6 months of the current Iranian year (started March 21) compared to the same period last year, despite the global inflation and the increase in the international price of basic goods.

“At the same time, the increase in the price of oil and oil products has raised the country's export revenues and foreign exchange supply in the market,” said Ghamari Vafa in a statement published on his Twitter account.

He added that the supply of foreign currency at the secondary foreign exchange, known as Nima, has increased by $9 billion, compared to the same first six months of the last year.

According to a note posted by Mostafa Qamari-Vafa, the head of CBI’s Public Relations Department, non-oil exporters have sold $20 billion at Nima during the first six months of the current Iranian year.

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