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Central Bank of Iran Lets Rial Tumble

Central Bank of Iran Lets Rial Tumble    Central Bank of Iran Lets Rial Tumble

Selected foreign exchange bureaus affiliated to the Central Bank of Iran pushed up dollar rates above the historic 200,000 rials on Saturday.
This came after price gaps between the CBI moneychangers and the open market reached unprecedented levels, encouraging currency dealers and speculators to line up for cheaper currency. 
The so-called bank-based moneychangers increased the dollar price by 19,500 rials to 209,000 rials -- a rarely seen 10.3% hike overnight to eliminate a price arbitrage that reached 17,000 rials. 
One euro was worth 232,990 rials at the moneychangers, up 22,000 rials or 10.4% daily, and the UK pound sterling increased slightly to 265,000 rials to post 1.85% growth overnight.

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