New Rules Allow Direct Forex Sale

EghtesadOnline: Businesspeople that have validated their purchase orders are allowed to directly purchase their required foreign currencies from certified exchange shops through Nima, the Central Bank of Iran's newly-launched online Forex Deals Integrated System.

News ID: ۷۸۲۷۰۴

26 May 2018

The move, which became effective as of Tuesday as per a CBI directive, means businesspeople can directly purchase their currency from bureaux de change that had been barred from trading in foreign currencies since mid-April.

"The rate is the same [unified USD rate of] 42,000 rials and no purchases or sales will be done outside this rate," an unnamed banking official who broke the news to Mehr News website said.

Saied Mojtahedi, the head of Iranian Association of Bureaux de Change, has welcomed the CBI move to allow moneychangers to use Nima, according to Financial Tribune.

"Following this directive, foreign currency applicants can fortunately choose their own exchanger and trade in a transparent way," he said.

However, the directive only extends the facility to businesspeople, which means that ordinary people will continue to purchase their required hard currency at open market rates of higher than 60,000 rials from money exchangers if their currency needs are not met by the central bank.