Dollar sales with a ceiling of 10,000 dollars for each national ID over 18 years old have begun this morning, Saturday, October 11, at five selected banks; the initial exchange rate has also been announced as 259,000 tomans.
Details of the new currency program
According to the Central Bank's new currency program, Bank Mellat, Bank Melli, Bank Tejarat, Bank Saderat, and Bank Saman will start supplying the currency needed by applicants within the framework of the new quota. Thus, each individual over 18 years old can purchase up to 10,000 dollars with their national ID.
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The Central Bank's goal for this plan
The implementation of this plan has begun at a time when the Central Bank has announced its program to increase currency supply and manage market fluctuations in recent days. In this context, the Central Bank's currency supply and intervention program has been proposed up to 2 billion dollars to address part of the existing market demand through official channels.
The Central Bank also stated in its statement on October 10 that the current level of the exchange rate does not fully align with the fundamental variables of the economy, and part of the created gap has arisen under the influence of intensified uncertainty, psychological pressures, and market expectations. This bank emphasized that its goal is not to defend a specific rate or number, but to maintain monetary and currency stability and prevent the persistence of fluctuations that lack fundamental support.
In this regard, the Central Bank has mentioned currency and gold trading and market intervention as part of its legal tools for managing fluctuations. This bank has also announced that the timing, volume, and manner of using intervention tools will be determined based on market conditions, economic needs, and reserve adequacy.
Now, with the commencement of selling 10,000 dollars at five banks, the new currency policy has entered the implementation phase. The initial rate of 259,000 tomans has been set for the supply, while increasing applicants' access to currency and managing demand are considered the main axes of this program.
The Central Bank also emphasized in its statement that if necessary, it will use legal tools to bring the market back to a path more consistent with economic realities and to prevent the emergence of non-fundamental trends.
Now the currency market is waiting to see the level of interest in the sale of 10,000 dollars with a national ID and the effect of the entry of new currency resources on transactions and the dollar price; especially since the implementation of the supply program up to 2 billion dollars could cover a significant portion of market demand.
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