CBI calls on banks, exchange shops to buy ordinary people’s dollars

As the prices of foreign currencies against that Iranian rial continued to fall on Wednesday, the Central Bank of Iran (CBI) called on state banks and exchange shops to buy the US dollars that people offered to sell in the free market to avoid further depreciation of their properties.

The price of Iranian national currency the rial hit all-time low against the US dollar in early autumn, but through the efforts of the Central Bank of Iran (CBI) in coordination with other apparatuses in Iranian government, the rial reversed the trend and over the past two months it has regained more than 30% of its value against foreign currencies, most notably the US dollar.

The measures that took to quell the volatile exchange market included removing all restrictions on the import of foreign currencies and gold into the country in addition to instructing the market through injecting hard currency into the market through licenced exchange shops at much lower prices than those of the free market.

While in early autumn, the price of each dollar had risen to more than 190,000 rials, today the price went as down as 100,000 rials each dollar.

According to Mehr News Agency (MNA) correspondent, people were queuing in front of the exchange shops to sell the US dollars that had bought months ago with the false hope of selling them at higher prices.

Today, the CBI ordered the banks and exchange shops to buy the US dollars that people brought to sell in the market. According to MNA report, the CBI-sponsored exchange shops and banks would buy people's dollars at higher prices than the free market in order to help the ordinary people not to lose more value of their properties.

The downfall of US dollar against rial accelerated as the EU foreign policy chief Federica Mogherini announced few days ago that the promised financial mechanism to Iran would be in place before the year’s end. Furthermore, the China’s Bank of Kunlun resumed receiving payments from Iran the day before yesterday. 

News Code 189685

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