Iran Slashes Rial’s Official Value In Bid To Unify Exchange Rates
The Central Bank of Iran (CBI) has halved the official value of the rial.
The new ‘reference’ foreign exchange rate of $1=IR24,775 took effect from 2 July. This supercedes the previous rate of $1=IR12,260 – in use since January 2012. But whilst the old, heavily subsidized, official rate was only available to importers of essential foodstuffs and medicines, the new...