The Iran Project

Majlis plans probe into forex subsidies


A view of Iran's Majlis

Financial Tribune – The parliament plans to investigate the foreign exchange policy of the Central Bank of Iran during the last fiscal year that ended in March, says head of the Majlis Economic Commission.

Mohammadreza Pourebrahimi spoke of $3.5 billion worth of subsidized currency allocated for importing essential goods last year, saying it is not clear whether the currency was used for import or for other purposes, Mehr News Agency quoted him as saying.

The lawmaker opined that there are rent-seekers who receive subsidized forex for imports and sell it at higher prices (almost three times) in the open market.

A subsidized USD costs 42,000 rials while the green back is sold for 135,000 rials in open (black) market.

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