NO. 6


Financial and Banking News

Loans & Issues

Iran's Central Bank Says Riyal now Convertible with Gulf Currencies

The Central Bank of Iran on 23 October announced measures to make the Iranianriyal convertible with Gulf currencies at the floating exchange rate andinstructed domestic banks to accept Iranian riyals at the floating rate in placeof foreign exchange for letters of credit (L/Cs) for imports from other Gulfstates. A Central Bank circular sent to all...