Iran launches foreign currency sales through four banks to manage FX Market

Iran has begun selling foreign currency through four banks — Mellat, Tejarat, Saderat and Saman — as part of efforts to manage the country’s foreign exchange market.

According to the Central Bank of Iran, all Iranian citizens over the age of 18 can purchase up to $10,000 in foreign currency by presenting their identity cards.

The Central Bank of Iran plans to provide up to $2 billion in foreign currency under the program. During the initial phase, $1 billion will be made available to customers through banks and bank-affiliated foreign exchange offices.

The move comes as the prices of foreign currencies against the Iranian rial have risen sharply in recent months amid sanctions and restrictions imposed on Iran, as well as various economic challenges.

According to the exchange rates announced by Iran’s Central Bank for today, $1 is equivalent to 1.75 million rials, €1 to 2.31 million rials, and AZN 1 to 1.03 million rials.

On the black market, however, $1 is being traded at 2.63 million rials, €1 at 2.96 million rials, and AZN 1 at 1.56 million rials.