Iran imposes FX controls as currency falls again

Commodities inflation bites ahead of upcoming new year

Rial banknotes
Rial banknotes
Adam Jones

The Central Bank of Iran restricted foreign exchange purchases on February 21, as the rial’s value plummeted on the unofficial market.

The unofficial exchange rate has fallen from 410,000 rials to the dollar on January 1 to 498,000 by February 21. On February 22, the rial reached 513,000 to the dollar.

Media reports said that the central bank had suspended allowances that permit Iranians to buy certain sums of foreign exchange. Wire service Tasnim said officials had suspended a €5,000 ($5,295)

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account