Media Wire

Iran Gov’t Steps in to Control Forex Market

Iran's First Vice President Eshaq Jahangiri has announced that his country will unify official and open market exchange rates following the Rial's recent drop against the dollar.

Jahangiri made the announcement on Monday night following an emergency meeting of the government’s economic taskforce headed by Iranian President Hassan Rouhani.

The first vice president said that as of Tuesday the price of the dollar would be 42,000 Rials in both markets, and for all manner of activities.

He added that dollar sales at any other price would be considered fraud.

On Sunday, Iran’s national currency the Rial plunged above 6 percent against the US dollar in free market.

Commercial bankers previously linked the Rial’s slide partly to seasonal demand for US dollars, which rises around the end of the Persian year (March 21) when many Iranians travel abroad.

However, some now believe that US President Donald Trump’s hostile rhetoric, including his recent threat to scrap a landmark nuclear deal with Iran, has been effective in the deterioration of the Rial’s depreciation.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

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