The Central Bank of Iran (CBI) set up a
secondary market for foreign exchange due to a major
change in Iran's foreign exchange policy which resulted
reduction in the availability of foreign currency and the volume of
foreign exchange transactions.
According to Valiollah Seif, Governor of the CBI, this decision
was made to control the currency market and because the Iranian
rial has dropped to an all-time low against the US dollar, which
creates difficulties for importers and it might get worse due to US
new sanctions against Iran.
The new alternative market enables exporters of non-oil products
to sell their foreign currency earnings to importers of consumer
goods, Valiollah Seif said.
