Stock market employees work at Tehran's Stock Exchange, Iran, Jan. 17, 2016. REUTERS/Raheb Homavandi/TIMA
Forbes: Iran Fails To Halt Currency Crisis, One Week On From Imposing Drastic Restrictions On Dollar Trading
Tough new measures by the Central Bank of Iran (CBI) have largely failed to revive the value of the Iranian rial over the past week, based on open market exchange rates.
On April 10, the government imposed a rate of IR42,000 to the US dollar and said anyone exchanging currency at a different rate was liable to prosecution. At the time the dollar was trading at IR61,000 on the open market, down 22% since the start of the month and down 30% since the start of 2018.
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WNU Editor: Currency traders are predicting that U.S. sanctions are going to be imposed in the coming weeks .... hence the steady decline in the value of Iran's currency. And while the Iranian government is trying its best to insulate the impact of the U.S. dollar .... the problem is not the U.S. currency, the real problem is how the Iranian government has handled its economy. Spending billions on foreign wars is also not healthy.
More News On Iran's Currency Crisis
Iran Dumps Dollar in Favor of Euro Amid Deepening Standoff With U.S. -- Bloomberg
Iran to replace US dollar with euro in financial reports -- Al Jazeera
Iran switches from dollar to euro for official reporting currency -- Reuters
Will Iran’s banking sector collapse? -- Bijan Khajehpour, Al-Monitor
