NO. 10


Financial and Banking News

Budgets & Revenues

Iran Revalues Riyal, Loosens Exchange Controls

Iran last week revalued its two month old "competitive" exchangerate from IR975=$1 to IR800=$1 and loosened exchange controls in a bold attemptto eradicate its flourishing black market and bring inflation under control. Thenew tier was first introduced at the beginning of October at the rate ofIR1,000=$1, and subsequently revalued to IR975 at the end of the month....