Middle East Economic Survey


No 25



Iran To Support Rial After 11% Devaluation

Following the sudden 11% devaluation in the value of the Iranian rial on 8 June from around $1=IR10,570 to $1=IR11,750, the Central Bank of Iran (CBI) said last week that it would take a number of measures to support the domestic currency. On 15 June the CBI Governor Mahmoud Bahmani announced that it would raise domestic bank (interest) rates for rial deposits, issue more bonds and abolish...