Iran's central bank unveils new forex time deposit certificate to attract foreign currency savings

Iran's central bank issued a directive on Wednesday, August 5, 2026 (14 Mordad 1405), unveiling a "special investment forex time deposit certificate," a new instrument to attract foreign currency resources, Ecoiran reported. The plan aims to encourage people to deposit foreign currency within the banking system rather than holding it outside banks.

Ecoiran said that if the instrument is well received, it could reduce part of the demand for buying currency in the free market, helping lower or stabilize the dollar rate. The announcement coincided with a drop in the free market dollar rate on Wednesday: the free market dollar fell 4,000 tomans (1.9 percent) from Monday's close to around 188,200 tomans, while the official dollar draft rate at Iran's Currency and Gold Exchange Center rose about 100 tomans to 153,700 tomans.