As Short-Term Solutions Fail, Iran's Currency Loses More Value
The exchange rate for the US dollar against the Iranian currency, tuman, rose to a record high on March 13 as attempts by the Central Bank of Iran (CBI) during recent months to defend the local currency appear to have failed. One dollar was traded for 4,800 tumans in Tehran on Tuesday, showing yet another hype since its steep decline began 10 months ago. The Central Bank of Iran has been resorting to short term measures to control the market as its long-term policies to bring about stability to forex market have failed. Based on one of ...
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