IRAN

 

Iranian Rial Slides Amid Continued Uncertainties

The value of the Iranian rial on the free market plunged by around 7% to $1=IR21,850 on 7 August from $1=IR20,444 on 5 August after the Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani announced that the government intends to set a new official exchange rate or “reference rate” within the next 10 days instead of the current $1=IR12,260. The latter, which was intended by the CBI to be...