Afghanistan Smuggles Up to $3mn to Iran Daily

by Wadsam | July 2, 2018 10:52 am

According to a recent report by Reuters, Afghan traders smuggle up to USD 3 million to Iran.

This comes as Iran’s financial market is hit hard following the withdrawal of the United States from the nuclear deal and emergence of new sanctions against the country.

Iranian Rial has lost 40% of its value against the US dollar.

The dollarized economy of the neighboring Afghanistan serves as the main source to provide dollars to the desperate Iranian economy.

Many Afghan traders have started taking large quantities of dollars across the border and profiting from the exchange rate.

Iranian rules allow travelers to bring in up to 10,000 euros ($11,697.00), which can be sold to banks in Iran, with the official rate at 42,450 rial to the dollar, while the unofficial rate is much higher (77,000). People trading dollars at unofficial rates are threatened with arrest by the Iranian government.

Source URL: http://wadsam.com/afghan-business-news/afghanistan-smuggles-3mn-iran-daily-232/