NO. 34


Financial and Banking News

Public Finance

Iran Fixes Dollar/Riyal Rate And Bans Forex Transactions OutsideBanks

In its latest attempt to reverse the sharp depreciation in the value of theIranian riyal, which fell to a record low of around $1=IR7,100 on the freemarket in the second week of May (MEES, 15 May), the Iranian Government hasdecided to fix the value of the US dollar on the open market to $1-IR3,000 witheffect from 21 May and to ban all foreign currency...