Botched Forex Policies Intensify Volatility

Iran’s economy has transitioned from one administration to another and all of them attempted to control the foreign exchange rates against the rial using trial and error in policymaking. 
Almost all the heads of the central bank that faced the currency crisis resorted to the same methods, despite knowing the failure of these policies in the previous administrations. It is as if there is no other way to manage the exchange rate in Iran, except by repeating the botched policies of the past. As a result, the vicious cycle of foreign exchange market policy is being repeated over and over again. 
Kamran Nadri, an economic expert, prefaced his write-up for the Persian daily Jahan-e Sanat with this note. A translation of the text follows: