Financial and Banking News
Iran Abolishes Overvalued Exchange Rate
The Governor of the Central Bank of Iran, Mr. Mohsen Nourbaksh, has announcedthat with effect from 21 March 1995, the start of the new Iranian year, theovervalued exchange rate of $1=IR70 has been abolished. Mr. Nourbaksh explainedthat all letters of credits opened at this rate will have to be settled on thebasis of the "floating" official rate of $1=IR1,750. The overvaluedrate, which...