CBI Says: Tax Exemption to Banks Can Pave Way for Higher Official Forex Rates

April 27, 2021
banking

T he Central Bank of Iran is willing to reconsider official foreign exchange rates to market rates if the government offers tax exemptions to banks, the CBI governor said.

Abdolnasser Hemmati made the offer in response to calls from stock market authorities for improving financial reporting of listed banks. Arguing that the official parity rates are incompatible with market reality, they say the parity rates banks use to prepare their financial statements distorts their profit-making potentials.

Despite consistent criticism of the parity rates, the CBI says it assesses the financial records of banks based on real exchange rates as their overseas assets cannot be evaluated due to the US sanctions.

financialtribune



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