EghtesadOnline: A permanent currency commission has been set up by Iran Chamber of Commerce, Industries, Mines and Agriculture to address challenges facing the private sector in the wake of recent foreign exchange measures taken by the government.
The committee is tasked with providing short- and long-term solutions to the problems plaguing Iran’s foreign exchange market, the head of ICCIMA’s Investment Commission, Feriyal Mostofi, said on Monday. “The Investment Commission and the Money and Capital Markets Commission, in a joint proposal to the chairman of the chamber, called for the establishment of the Currency Committee to look into the grievances of the private sector in this regard and find solutions to the problems. Those solutions would then be submitted to the government and Majlis for implementation,” she was quoted as saying by ICCIMA’s website Rial lost close to half its value against the US dollar on the free market since last September, sinking to a record low of 60,000. The government moved to contain the crisis earlier this month by announcing a unified rate of 42,000 rials to the dollar and outlawing transactions using other rates, according to Financial Tribune.