Baku, Azerbaijan, June 5
By Khalid Kazimov - Trend:
Stabilizing of currency exchange rates in Iran is likely to take place in future, an Iranian monetary official said.
Hamid Zamanzadeh, an official with the Monetary and Banking Research Institute (MBRI) of Central Bank of Iran, has said that currently the difference between the official and free market rates for foreign exchanges in Iran amounts to 15 percent, Fars news agency reported.
Banking ties between Iran and the global banks should be fully re-established in order to introduce a single exchange rate for foreign currencies in the country.
For introducing a single exchange rate, the Central Bank of Iran needs to be confident to receive its required foreign currencies from other countries.
He further added that the flow of foreign currencies into Iran has increased following the implementation of the Joint Comprehensive Plan of Action (JCPOA) on January 16.
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.