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FinancialNews


  • 28-08-21

    Iran says multiple foreign currency rate reason for corruption in economic system

    (MENAFN)Multiple foreign currency exchange volume is considered a main cause for the corruption in the economic system, according to the secretary-general of the Federation of Iranian Food Associations.

    The news portal of the Federation of Iranian Food Associations quoted Rashid Azizpour as saying that "Certainly, there is nothing in multi-rate forex but rent-seeking and corruption,” highlighting that one of the essential ways to return the country's economy to the wanted level is to get rid of multi-rate forex.

    “As long as there is such system it cannot be said that we are going to fight the corruption,” he further declared, adding that the rent-seeking is the problem that was caused by the multi-rate forex.

    The official also stated that as experience presented, multiple exchange rates in the economy drive to rent-seeking for intermediaries and brokers, and the greater the difference in rates, the wider the rent-seeking, and more corruption and the harder it is to get rid of it.

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