Tehran Decides to Let Money Changers Back in the Temple
Iran said Sunday that it is legalizing money changing, outlawed and reviled as a parasitic profession soon after the 1979 Islamic revolution.
The measure announced by the Central Bank is the latest by President Hashemi Rafsanjani’s government to ease state controls and promote the private sector.
A bank statement read on Tehran Radio said prospective money changers who have “general qualifications,” a permanent place of business and guarantees of at least 100 million rials ($1.4 million at the official exchange rate) may apply for a permit starting Saturday.
A London-based Iranian foreign exchange dealer predicted that the new policy will bring about little change because other banking services remain banned as usurious.
Money changers were banned after the 1979 revolution, but the government largely tolerated the foreign exchange black market.
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