Iranian banks have started buying Qatar’s riyal from exporters of goods and services to the Persian Gulf emirate, director general of Trade Promotion Organization for Iran’s Arab-African affairs said.
After several meetings were held by traders, exporters and representatives of the Central Bank of Iran, Bank Saderat and Bank Melli Iran, the process of transferring hard currency resulting from exports to Qatar into the country were corrected and the method of setting the rate for purchasing foreign currencies from exporters were announced,” Farzad Piltan was also quoted as saying by TPO’s website.
He said that from Jan. 28, a day after CBI made the first purchase deal, Bank Saderat changed its base purchase price to the price announced by the regulator. On Monday, Qatar’s riyal gained more than 2% against the Iranian currency and was traded for 250 rials. Oman’s rial grew by more than 4%, reaching 5,000 rials.
When the Central Bank of Iran abruptly announced the unification of the US dollar's exchange rate from Tuesday, the gold market reacted swiftly and prices declined.
Governor of the Central Bank of Iran Valiollah Seif said the drastic decision by the government to unify the US dollar’s rate does not mean that a fixed exchange rate system would be at work, as the rate would “fluctuate with market mechanisms”.
Bank Melli Iran, the nation’s biggest bank, is set to issue its first-ever housing bonds soon and experts believe that will lead to a drop in the price of bonds in the over-the-counter Fara Iran Bourse.
Foreign exchange rates continued to surge in Tehran's market amid confusion about the causes of the rally, as both Economy Minister Masoud Karbasian and Governor of the Central Bank of Iran Valiollah Seif are set to appear before lawmakers to explain the situation.
President Hassan Rouhani on Sunday outlined his administration’s vision of promoting economic prosperity in the next Iranian year (starting March 21), as well as goals set for the country in the face of economic and social challenges.
At the behest of private producers and downstream users, the Ministry of Industries, Mining and Trade has banned price increases for all steel products at Iran Mercantile Exchange up until June 21.