The spokesman of the government of Iran, Mohammad Bagher Nobakht stated Sunday the country has taken initiative to respond to its requirements of hard currency, reported Financial Tribune. The hard currency prerequisites comprise of the ones that surpass the current caps that have been formulated in April, following the alliance of foreign exchange rate.

After a drastic drop in the value of rial in the initial days of the ongoing Iranian year, the decision to hold the dollar’s exchange rate at 42,000 rials was finalised.

Nobakht said in a statement: “The government, as per its new forex policy, is determined that all exporters bring their earnings into the economic network and all importers receive their needs from the same place.”

“As for those that receive currency for a particular reason like travelers who have extra needs and due to the fact that we recognize no other market as legal and official, we have an obligation to provide for those needs as well.”