Iran's Foreign Exchange Market in Chaos
Chaos is still rampant in Iran’s foreign exchange market a week after the Iranian Government artificially set the currency exchange rate at 42,000 rials to the US dollar. This move, which Paris-based economist Fereidoun Khavand as “a very dangerous game”, was an attempt by the Hassan Rouhani administration to control the incredible devaluing of the rial. The rial hit an all-time high of 61,000 rials to the dollar on April 10. Some street exchange bureaus flouted the laws by selling dollars for 53,000-55,000 rials, but a few of them have ...
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