Business And Markets

Rial Pares Losses 

Rial Pares Losses 
Rial Pares Losses 

Currency rates dropped in Tehran’s unofficial markets after months of record highs. The US dollar traded at 525,000 rials on Wednesday in the open market down 2.4% on the previous day. 
The euro lost 1.57% and was quoted at 579,700 rials, the UAE dirham was down 2.14% to buy 151,100 rials and the GBP fell 2.76% to finish trade at 654,200 rials.
Currency rates have jumped to historic highs over the past several months with the embattled rial in free fall. Hit by the rapidly deteriorating economic conditions people seek safe havens to protect what is left of their hard-earned savings. 
The rail recovery comes after new powers were delegated to the Central Bank of Iran plus the establishment of a new trade center for currency and gold known as the Iran Center of Exchange (ICE). 


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