Tehran, Iran, May 19
By Kamyar Eghbalnejad - Trend:
Tehran Chamber of Commerce Chairman Masoud Khansari said selling the dollar at a rate of 42,000 rials to individuals and businesses could drain off the government’s coffers.
"We believe that setting 42,000 rials for a dollar is lower than its true value in the market and this can increase the demand for it," Khansari said.
He added this rate could finally drain off the state coffers, Trend news agency’s correspondent reported May 19.
The chairman of Tehran Chamber of Commerce further warned against shutting down foreign exchange offices and said, “The NIMA online system (Integrated System for Hard Currency Transactions) registers sellers and buyers’ information, paving the way for the US to easily trace their place and expand its list of sanctions (on individual and entities)”.
He expressed the hope that the government could address this problem as soon as possible.
Some commodities, including cosmetics, should be excluded from the unified rate plan, Khansari stressed, calling on the government to prepare the ground for a secondary foreign exchange market.
On April 9, Iran unified the country’s official and open market exchange rates after its currency, the rial, plunged to an all-time low on concerns over a return of crippling sanctions.
The US dollar jumped in a day from 54,700 rials to 60,000 rials in the open market in Tehran at the time. A dollar was worth 36,000 rials in mid-September.
After an emergency cabinet meeting, Iran’s First Vice President Eshaq Jahangiri was quoted by the state media as saying that from April 10 the price of the dollar would be 42,000 rials in both markets, and for all business activities.
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