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Iran allows foreign exchange offices to import foreign exchange
decided to allow local exchange offices to start importing foreign exchange papers, a measure that until recently was considered a "smuggling crime". The official move comes in an attempt to stop the great collapse of the Iranian riyal. The price of the Iranian riyal fell to a record high last week at 150,000 riyals per US dollar and the local currency lost more than 140 percent of its value after the United States pulled out of the nuclear deal just four months ago.
Last week, the Iranian capital witnessed signs of chaos and confusion following the collapse of the local currency, such as the removal of exchange shops by the dollar from its electronic plates, while the travel agencies restricted the sale of tickets and offers of trips in hard currency.
"Exchange offices were allowed to import foreign exchange papers," the central bank's governor, Abdel Nasser Hamati, was quoted by the official IRNA news agency as saying.
The head of the parliamentary economic committee , Mohammad Reza Pour Ebrahimi, said that the exchange offices will also be allowed to import gold, according to the news agency "students".
Bur Ibrahimi pointed out that the importation of exchange offices for gold and foreign currencies was prohibited in the past. "In the past, this was prohibited, and any kind of importation was considered smuggling," he said.
He did not mention the decision to allow the import of gold during his remarks.
In late July, President Hassan Rowhani appointed Abdel Nasser Hamati, a new governor of the central bank, to succeed Lulollah Saif, who was sacked as part of Tehran's attempts to halt the collapse of the local currency, but the new governor did not seem to have recovered the riyal from his crisis.
The Iranian economy has faced difficult times in the past, both through spending on military weapons in the 1970s or Western sanctions in the wake of the Khomeinist revolution of 1979.
But this time it looks different. The Iranian currency has fallen dead with the hopes of the Iranians following the nuclear agreement of 2015 Which Tehran concluded with world powers, before Washington withdrew because of Iran's use of economic gains to spread armed militias in the region and to spend on missile programs.
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