Iranian Parliament mulls end to its foreign exchange for travellers

KURDPA: Iranian Parliament is reviewing a plan to stop providing foreign currency to travellers at the official bank rate, the Mehr News Agency reports.

While the official exchange rate for Dollar is set at 12,260 rials by Iran\'s Central Bank, the open market rate is hovering around 19,000 rials.

Arsalan Fathi Pour, the head of Parliament\'s Economic Commission, told Mehr that stopping the sale of foreign currency to travellers will be considered as part of \"Parliament\'s economic package to improve the economic situation of the country.\"

He said, however, that the package was still a work in progress.

According to statistics offered by the head of Parliament\'s Economic Commission, Iran\'s economy loses $10 billion each year because travellers take it out of the country \"and that has no economic justification.\"

Iranians leaving the country by air are allowed to take up to $1,000 with them, acquired at the official bank rate of 12,260 rials.

The rial has recently been in free fall against foreign currencies and, according to the latest exchange rates, it is being traded at 19,120 rials to the dollar on the open market.

The head of Parliament\'s Economic Commission said providing foreign currency at bank rates must be stopped, and travellers need to get the funds for their trip on the open market.