The Central Bank of Iran (CBI) this week announced a new rescue plan for the ailing Iranian rial, scrapping most foreign exchange controls and allowing forex bureaus to resume their work of providing foreign currency on the open market. 

The reversal in foreign exchange regulations came on the eve of the 7 August reimposition of a slew of US sanctions on Iran (see p11), and shortly after the 25 July appointment of Abdolnaser Hemmati as new CBI governor (MEES, 27 July).

The latest...