Certified Exchangers List Gets Longer

EghtesadOnline: The Central Bank of Iran has released the updated list of certified exchange bureaux currently active in the country, as it pursues a crackdown on unlicensed moneychangers that have proven a bane of the country's currency market.

News ID: ۷۸۳۶۷۱

14 August 2018

According to the official website of CBI, the regulator has authorized 640 exchangers, which shows an increase of 22 since the start of the new Iranian year on March 21.

Figures show that the bid to boost transparency by supporting licensed exchange shops and closing down unlicensed ones is continuing. When the previous fiscal year began on March 20, 2017, a total of 419 exchanges had valid licenses from the central bank, which number stood at 396 at the start of the fiscal 2016-17.

The figures show that CBI, in collaboration with law enforcement forces, has shut down more than 100 bureaux de change found guilty of committing violations. Local media reports indicate that the closures have only intensified in recent months, especially since last week when the government closed down a number of exchanges, Financial Tribune reported.

Beginning from Aug. 5, CBI under the new leadership of Abdolnasser Hemmati implemented its new foreign currency plan which, among other things, allowed licensed bureaux de change to engage in the purchase and sale of hard currency at open market rates.

Currency exchange houses are now back in action and most of them have started announcing exchange rates and opening their doors to customers.

They can purchase any amount of forex, import currencies and gold, but are only allowed to sell currencies for 23 specific purposes announced by the central bank, ranging from people traveling overseas, patients leaving for medical treatment and students to those attending foreign exhibitions.

Each US dollar changed hands in the open market and across certified exchange shops for around 100,400 rials and 82,451 rials on Monday respectively.