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Iran to introduce single exchange rate for foreign currencies

Business Materials 3 May 2016 14:39 (UTC +04:00)

Baku, Azerbaijan, May. 3

By Khalid Kazimov - Trend:

Iran plans to introduce a single exchange rate for foreign currencies as of late September, following years of maintaining a multi-tiered currency market, a senior Iranian official said.

Iran's Minister of Economic Affairs and Finance Ali Tayebnia has said that the country has already taken measures to pave the way for introducing a single exchange rate, IRNA news agency reported.

According to the minister the official exchange rate currently is very close to the price of the foreign currencies in the country's free market.

The multi-tiered exchange market emerged in Iran after a decision in 2012 by the EU and the US to impose more sanctions on Iran's financial, economic and oil sector over Tehran's controversial nuclear program.

Iran's national currency, the rial, lost about 50 percent of its foreign exchange value in less than a week in October 2012, standing at 35,500 versus the dollar. It was close to 10,000 in early 2011.

Nuclear related international sanctions on the Islamic Republic were lifted following the implementation of the Joint Comprehensive Plan of Action (JCPOA) in January curbing Iran's nuclear activity.

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