No More Cheap Currency for Iranian Students

EghtesadOnline: The Central Bank of Iran has eliminated another use of foreign currencies at official rates, announcing through a directive that as of the beginning of the current fiscal year on March 21, students are only allowed to take $15,000 out of the country through selected agent banks–Tejarat and Saman–and on the basis of free market rates.

News ID: ۷۸۲۲۳۴

09 April 2018

“The sale, transfer and payment of foreign currencies for students’ living expenses up to a cap of $1,000 per person and $500 for each family member a month” are also strictly allowed at free market rates and through the two aforementioned banks, reports IBENA, a CBI-affiliated news website. Taking into account Sunday’s sudden rise in foreign exchange rates, the official and market rates of the US dollar had a whopping discrepancy of about 20,000 rials, according to Financial Tribune.