Financial and Banking News
Iran Fine Tunes Multi-Tier Exchange System
The Central Bank of Iran last week introduced a more favorable exchange ratefor foreign currency earned from Iranian exports, effectively devaluing theriyal by some 43%. The new "export" exchange rate will increase to$1=IR4,123 from $1=IR2,340 and will apply to export earnings in the newIranian year starting on 21 March 1995. Dollars earned before the beginning ofthe new year will...