Tehran, Iran, Oct.9
Trend:
Melli bank of Iran has issued a statement explaining the FOREX currency transactions rate at its units.
The bank issued a notice announcing that the currency transactions at the units of the Melli Bank of Iran were at free market rates according to the Central Bank`s criteria.
According to statement, the Melli Bank`s currency rate would be based on the Central Bank's announcement (ETS) and is fully coordinated with the Bank's currency instructions in line with the announced policies.
"Any material contrary to this procedure is not approved by the bank,” Melli Bank said.
In April, the Rouhani administration tried to enforce a fixed, unified US dollar rate of 42,000 rials. In August, the Central Bank of Iran (CBI) introduced a secondary market known by its Persian acronym NIMA, which the government introduced as a pilot program in February.
Exporters — including petrochemical companies — of commodities categorized as “non-oil products” are supposed to offer foreign currency generated from exports in NIMA for importers to buy at mutually agreed rates.