Students Protest Elimination of Fixed Exchange Rate

Posted on: September 3rd, 2018

Human Rights Activists News Agency (HRANA)- A group of students assembled on September 1st, 2018, in front of Iran’s Central Bank on Mirdamad Street in Tehran to protest a decision that would deny access to foreign currencies at a special exchange rate.

A memorandum issued by Iran’s Central Bank that aims to eliminate a lower exchange rate fixed for students and certain importers by September 21 has caused discontent among many Iranians. If the decision in the memorandum holds, many students, including those studying abroad, will have to pay more than double the rate they have been paying for foreign currencies.

The Iranian authorities have historically offered limited quantities of foreign currencies, most notably the American dollar, at a rate less than half of the current market exchange rate.

The Central Bank recently announced that the lower exchange rate will remain in effect for eligible consumers until the end of the year. After that–and unless the decision is overturned–they will be at the mercy of the open market’s steeper prices.

The Iranian currency, known as the rial or toman, has lost more than half of its value since April 2018 alone.