August 5, 2018 / 5:40 PM / 10 months ago

Iran announces plan to ease exchange rate rules

A money changer holds U.S. dollar banknotes as he counts other currency banknotes at Grand Bazaar in Tehran, Iran October 14, 2017. Nazanin Tabatabaee Yazdi/TIMA via REUTERS

DUBAI (Reuters) - Iran announced on Sunday a plan to ease foreign exchange rules, state television reported, as Tehran tries to counter the effects of a plunging currency and prepares to face new U.S. sanctions.

The plan lifts a ban on the sale of hard currency at floating rates by exchange shops for purposes such as overseas travel. Exporters would be allowed to sell hard currency to importers, and there would be no limit on bringing currency or gold into the country.

Hard currency will be made available at a subsidised rate for purchases of basic goods and medicine, state television quoted a government statement about the plan as saying.

Reporting by Dubai newsroom; Editing by Peter Graff

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