Foreign exchange rates continued to surge in Tehran's market amid confusion about the causes of the rally, as both Economy Minister Masoud Karbasian and Governor of the Central Bank of Iran Valiollah Seif are set to appear before lawmakers to explain the situation.
According to reports from local news websites, the US dollar surged ahead on Sunday and was traded for 56,800 rials in the open market. This marks a rather rapid slide for the Iranian currency since it sunk to a record low against the dollar on March 6 when it crossed the psychological threshold of 50,000.
Gold coin prices also started rallies of their own with the benchmark Bahar Azadi coin changing hands for over 19 million rials ($340) according to Tehran Gold and Jewelry Union's website.
The new low for rial comes, as lawmakers have grown frustrated over the performance of the government and the Central Bank of Iran in managing the currency market.
April 08, 2018 19:04
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Tehran Market: Forex Bull Run Rages On
The new low for rial comes, as lawmakers have grown frustrated over the performance of the government and the Central Bank of Iran in managing the currency market
The parliamentary commission’s plan contains the revival of foreign exchange accounts in banks, which would guarantee the return of the deposits plus a decent interest
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