Central Bank Enters Market With 2 Billion Dollar Supply, Raises Services FX Cap to 10,000 Dollars

According to Mehr News Agency, citing monetary and banking experts, Iran's central bank intervened heavily in the currency market on Thursday, 9 Mehr 1405 (October 1, 2026), supplying 2 billion dollars and raising the personal services foreign-exchange purchase cap tenfold, from 1,000 to 10,000 dollars, in a new approach to containing recent exchange-rate jumps.

The move follows an earlier intervention in which a 500 million dollar supply from the market maker drew only about 20 million dollars (roughly 4 percent) in uptake and failed to halt the rally in the free market. Economists including monetary researcher Mehdi Rahnama and currency analyst Kamran Moradian told Mehr that the higher purchase cap could redirect some genuine demand, such as that of students, medical patients and travelers, from the free market into the banking network, but said the policy's lasting success depends on addressing underlying drivers such as liquidity growth and the chronic budget deficit.