Iran’s central bank announced on Tuesday that it would supply $500 million in foreign-currency banknotes through the banking system as it sought to manage the exchange market following the rial’s fall to a record low.
The central bank said commercial banks could obtain the cash and sell it through selected branches and bank-affiliated exchange offices to individuals and businesses within established limits.
It said such a measure “could improve applicants’ access to foreign currency and prevent the emergence of speculative demand and unrealistic exchange rates in the market.”
The initial allocation could be increased if banks registered greater demand, it added.
The US dollar reached over 2.05 million rials in the open market earlier in the day.
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