Investors tap into Iran’s exchange houses
Issue 1018
- 01 Jul 2016
| 3 minute read
Investors are turning to exchange houses to move money in and out of the Islamic Republic, to get around the continued refusal of most international banks to deal with Iran. Such strategies have the added benefit of allowing companies to avail of the open market exchange rate, rather than the more expensive official rate, which has to be used for any transfers through the regular banking channels. The official exchange rate is $1=IR30,000, versus the market rate of $1=IR34,500. Exchange houses operate in a similar way to Western Union, with money being put into an account outside Iran which can then be accessed inside the country, or vice versa.
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