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Iran lifts ban, allows exchange offices to resume working

Business | 2018-08-06 11:22:41
Iran lifts ban, allows exchange offices to resume working
Iran's Central Bank has allowed money exchange offices to resume work, ending a ban imposed in March amid the country's economic troubles.

The bank's governor, Abdolnaser Hemmati, told state TV late Sunday that "money exchangers are allowed to sell and buy foreign currencies" once again.

He also said that legal institutions and businesses will again be allowed to bring gold and foreign currencies into Iran. Hemmati says the decision will go into effect on Tuesday.

He says the official rate will remain at 42,000 rials to the dollar for vital imports such as medicine and food.

Hemmati says the government's decision in April to enforce a single exchange rate to the dollar caused "serious problems" for the country.

Foreign currencies had recently doubled in price on the black market.

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