Forex for basic goods, pharmaceuticals to be provided at official rate

IRNA – Cabinet session headed by President Hassan Rouhani on Sunday reviewed proposals of Central Bank of Iran to reorganize foreign exchange market, announcing that all basic commodities and pharmaceuticals will be provided at rate of 42,000 rials.

The Cabinet session also tasked Ministry of Industry, Mine and Trade to update the list of the said goods and exert necessary supervisions to ensure that basic commodities are distributed among the public at the official rate.

All the exchange dealers are allowed to sell currencies merely for passengers and services according to the CBI’s forex regulations, the Cabinet session approved.

Import of currency in the form of banknote and gold by real and legal entities is allowed on condition of observing CBI’s laws. Import of raw gold is exempted from value-added tax.

The Cabinet also allowed CBI to collect forex deposits through operating banks.