Export and Currency Exchange Rate
Export and Currency Exchange Rate
Central Bank of Iran has promised to unify the two currency exchange rates by March 2017. However it is not yet clear whether the final rate will be closed to the market rate or the official one. This can lead to some risks.
The goal is to increase export value for the current fiscal year by $10 billion. The question is at which exchange rate is it going to be calculated. Central Bank of Iran has promised to unify the two exchange rates by March 2017.
It is clear that the higher rate is more appealing for the Iranian exporter. But what happens if the unified exchange rate will be less than the current market rate (which sounds very improbable but not impossible).
Export Guarantee Fund of Iran has announced its readiness to hedge the exporters’ currency risk. EGFI will make future contracts for 1, 3 and 6 months. However, it does not hedge fluctuations less than 3percent.
EGF says as soon as the Government announces the fees for such services, it is ready to start providing its services to the Iranian exporters.
Source: Tehran Chamber of Commerce
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