Iran Regulates Foreign Exchange Market through Bank Sales

Iran's Central Bank has launched a program to regulate its foreign exchange market by selling foreign currency through four banks. The initiative aims to provide up to $2 billion in foreign currency, with the first phase targeting $1 billion worth of sales. Under this scheme, Iranian citizens over 18 can buy foreign currency up to $10,000 using their valid ID.

The move comes as the country faces economic challenges and restrictions imposed by sanctions. As a result, foreign currency prices have risen significantly on the black market, with one US dollar being bought and sold for 2.63 million rials. The Central Bank of Iran's current exchange rates show that 1 US dollar is worth 1.75 million rials, 1 euro is worth 2.31 million rials, and 1 Azerbaijani manat is worth 1.03 million rials.

The program aims to stabilize the foreign currency market and provide citizens with access to foreign exchange. The sale of foreign currency through banks and bank exchange offices will be the primary means of distribution in this phase.