Iran's Secondary Forex Market Rates to Soar

EghtesadOnline: The supply of currency to the Secondary Forex Market will decrease in the coming months, as export gains will fall due to the government’s current approach toward exports and the rising demand for foreign currency will increase the exchange rate, vice minister of Iran Chamber of Commerce, Industries, Mines and Agriculture said.

News ID: ۷۴۵۶۸۰

22 July 2018

The process of registering import orders changed recently to include “without currency transfer” in “currency operation” field and “from export gains” in “foreign exchange operations” field.

Pedram Soltani was also quoted as saying by the chamber’s news portal that considering the corruption and abuse that ensued, the process has been halted and is due for reform.

“The process is, however, irreparable, because as long as the 42,000-rial dollar is being given to applicants, corruption is bound to follow as new paper companies try to receive state-valued currency,” Financial Tribune quoted him as saying.

The Secondary Forex Market was inaugurated last week, with a starting value of almost 75,000 rials for each dollar, which was closer to the black market price than the government-set one.