Iran wants to loosen control over the national currency exchange rate

Almaty. August 22. Silkroadnews – Iran intends to loosen control over the exchange rate of the national currency, which will lead to the end of the dual exchange rate, IrTAG writes.

Now the financial regulator of the country has enabled commercial lenders to buy foreign currency on the market and not policy rate of the Central Bank of Iran.

According to the former Deputy head of the Iranian Central Bank Kamal Seyedali, Iran “lays the foundation” to combine the existing two courses of rial-dollar, which will open a larger flow of cash into the banking system compared with the circulation through the exchange offices.

Dual exchange rate is considered as an obstacle restricting the foreign investments inflow into the country necessary for the development of economy, the agency informs.

International sanctions against Iran led to financial isolation, downfall of the Iranian rial and increased the difference between quotations of double rate. With sanctions removal, foreign investments into the country rose up to $4.5 billion in the first quarter of this year.