Azerbaijan, Baku, Feb. 29/ Trend M. Moezzi
The Central Bank of Iran (CBI) will permit Iran's exporters to import goods using the foreign currency they get paid in, Fars news agency reports.
In a circular issued to all banks that sell foreign currency, the CBI also said the banks have to accept and examine importers' requests for money. If importers meet the requirements for getting foreign currency, the banks must issue them with the necessary credit and the CBI will immediately provide the currency needed. Transactions involving basic goods will be given priority, Fars reports.
The moves are designed to ease merchants' access to dollars so they can conduct business. In late January, the CBI set a single rate, 12,260 rials, for the dollar. The measure was designed to stabilise Iran's foreign currency markets which had seen a sharp increase in the dollar's value against the rial in the face of tough new international sanctions. Non-official currency traders sell the dollar for much more generally up to 20,000 rials for the dollar, than the CBI's official rate and finding cheaper currency rates is almost impossible.