Saturday, October 1st, 2011
The Iranian Central Bank is allowing private and public banks to sell foreign currency in an attempt to control the falling rial.
The Central Bank announced that central branches of other banks are also allowed to sell foreign currency to travellers.
The rial has experienced a sudden fall in recent days against all foreign currencies, with the U.S. dollar buying 13,000 rials on the open market. The official bank rate for the U.S. dollar is 10,740 rials.
The Central Bank had already made several moves to control foreign exchanges rates.
In the spring, it injected the economy with a high volume of foreign currency, but that only succeeded in driving all foreign exchange rates higher.
The head of Iran’s Central Bank has promised to make every effort to control foreign currency exchange rates, despite the widening gap between exchange rates in the banks and on the open market.