Iran Debuts Foreign Currency Sales via Four Major Banks to Stabilize FX Market

Iran has commenced the sale of foreign currency through four major banks — Mellat, Tejarat, Saderat, and Saman — as part of a strategic initiative to regulate the nation’s foreign exchange market.

According to the Central Bank of Iran, eligible citizens aged 18 and above may purchase up to $10,000 in foreign currency upon presenting valid identification.

The Central Bank of Iran intends to inject up to $2 billion into the market under this scheme. In its initial phase, $1 billion will be distributed to customers via the participating banks and their affiliated foreign exchange outlets.

This development follows a significant depreciation of the Iranian rial against foreign currencies in recent months, driven by intensified sanctions, economic restrictions, and broader financial pressures facing the country.

Based on the official exchange rates published by Iran’s Central Bank today, $1 equals 1.75 million rials, €1 amounts to 2.31 million rials, and 1 Azerbaijani manat (AZN) is valued at 1.03 million rials.

Conversely, on the informal currency market, the rial has weakened further, with $1 trading at 2.63 million rials, €1 at 2.96 million rials, and 1 AZN at 1.56 million rials.

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