BAKU, Azerbaijan, October 3. Starting today, four banks in Iran — Mellat, Tejarat, Saderat, and Saman — have begun selling foreign currency as part of measures to regulate the foreign exchange market.
According to the Central Bank of Iran, starting today, all Iranian citizens over the age of 18 can meet their foreign currency needs up to $10,000 by presenting a valid ID.
The Central Bank of Iran intends to provide up to $2 billion in foreign currency under this program. In the first phase, $1 billion worth of foreign currency will be sold to customers through banks and bank exchange offices.
Meanwhile, foreign currency prices relative to the Iranian rial have risen significantly recently amid the imposition of restrictions and sanctions against Iran, as well as various economic challenges.
The Central Bank of Iran’s current exchange rates show that 1 U.S. dollar is worth 1.75 million rials, 1 euro is worth 2.31 million rials, and 1 Azerbaijani manat is worth 1.03 million rials.
Moreover, on the black market, 1 U.S. dollar is bought and sold for 2.63 million rials, 1 euro for 2.96 million rials, and 1 Azerbaijani manat for 1.56 million rials.
