Iran.. Abolishing The Official Exchange Rate For The Dollar
11/05/2022
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Earth News/ The head of the Iranian Planning and Budget Organization, Masoud Mir-Kazemi, announced that the official exchange rate set at 42 thousand riyals to the US dollar is no longer valid, according to the budget law for the current fiscal year.
Mir-Kazemi explained that all state revenues will be sold according to the exchange rate in the electronic “Nima” organization (designated for the presentation of foreign currency by exporters and selling it to importers).
This comes at a time, when the official price of the dollar was set at 42,000 riyals, allotted to cover the import of basic commodities.
Mirkazemi added that the first phase of the subsidy reform plan does not include bread and medicine, noting that the volume of subsidies for basic commodities exceeds $20 billion annually.