CBI Limits Forex Purchase

EghtesadOnline: The US dollar was quoted at 518,000 rials on Monday in Tehran's open market, 3% lower on the previous day.

News ID: ۷۵۲۳۶۴

04 April 2023

The Central Bank of Iran said moneychangers and banks can henceforth sell currency only up to €2,000 to each Iranian in one year, lowering the cap from €5,000.

Last month the CBI said selected banks could sell foreign currency up to €5,000 to each Iranian a year at rates announced on the Iran Central Exchange (ICE) website.

Per law, every Iranian can now buy $2,000 or equivalent a year at slightly lower rates compared to the open market by presenting their ID. That policy led to long lines of buyers of the cheaper currency who then sold it in the open market at higher prices to make an extra buck.