Iran's Foreign Currency Markets In Chaos Despite Central Bank Intervention
One week after the Rouhani administration announced the government-imposed rate of 42,000 rials against every US dollar, chaos and ambiguity in Iran's foreign exchange market continue. In an attempt to control the free fall, the Rouhani administration announced an imposed rate of 42,000 rials to the U.S. dollar April 10, in addition to other protective measures. Some street exchange bureaus are reportedly flouting the imposed rate, selling very limited amounts of dollars instead for 53,000-55,000 rials. Other exchange offices are closing ...
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