Last updated: April 23, 2018
Following fluctuation of Iran currency in the previous month (March 2018) in which rial got stuck in a downward spiral and even arresting black-market currency dealers and blocking 755 bank accounts didn’t help, rial experienced its lowest value against dollar up to now (55000 rials for one dollar). The situation even led the government to ban money exchange in the currency exchange offices affecting tourism industry in the country significantly.
Being high travel season and not able to use their credit cards, tourists have hard time obtaining information either about places to exchange money or the rate they should expect.
- Under new monetary measures, the currency exchange offices are banned from exchanging money and only banks can offer such services. This has caused problems for tourists:
- Banks working days and hours are limited;
- Not all banks and bank branches convert foreign currencies;
- Assigned Banks may lack both rials and foreign currencies;
- Banks may see changing as a burden.
- New measures recognize just one exchange rate, that is, the official rate currently used by banks which is 42000 rial for one dollar.
- ISNA (April 23) reported that Melli Bank would exchange tourists’ money and give them rial in cash or as gift cards. Though the new measures declare that particular bank branches (in the cities or at international airports) would provide the money, tourists still face problems like lack of currency at peak hours in some branches, especially at the airports!
There are other options to convert your money; however, we will not recommend them as we have no information about the processes and the possible unwanted consequences:
- Hotels and hostels may convert money with a different rate.
- Iranians who want to travel abroad may change their money with tourists.
- The existence of a black market for money exchange is also reported in major cities.
Please note that the data provided in this article is subject to change when new regulations are released.