87144
Further Hike in Unified USD Rate
Further Hike in Unified USD Rate
Sunday, May 27, 2018

Further Hike in Unified USD Rate

Sunday, May 27, 2018

Further Hike in Unified USD Rate

The Central Bank of Iran has increased the US dollar's exchange rate for the fourth time since it unified the rate on April 9. 
The move is a further sign that CBI is delivering on its promise of allowing the inflation rate to influence the forex rate. 
CBI announced the rate at 42,110 rials on Saturday from 42,090 on Thursday. The rate was first raised from the unified rate of 42,000 rials to 42,050 on Monday, the central bank's website reported. 
A similar attempt to unify the exchange rate  in 2012 fell flat when the rate was fixed at 12,260 rials without due attention to market mechanisms. Although analysts also object to the current rate as unrealistic, its flexibility is expected to appease pro-market forces.
The forex unification came on the heels of a sharp slide in the value of rial.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Short URL : https://goo.gl/W69ZLt
05/27/2018
  1. https://goo.gl/qcpjjF
  • https://goo.gl/7HuQh1
  • https://goo.gl/3mioUS
  • https://goo.gl/RFjgmg
  • https://goo.gl/nzMFiQ

You can also read ...

Turkey Worries Over Impact of Anti-Iran Sanctions
Turkey’s Economy Minister Nihat Zeybekci said his country “...
Currently, each US dollar is reportedly being traded for as much as 75,000 rials in Tehran’s black market.
Seventy days after the government decided to unify the US...
Gao Feng
China will maintain normal relations with Iran, the Commerce...
Iran’s Minister of Industries, Mining and Trade Mohammad Shariatmadari (L) and Serbian Minister of Trade, Tourism and Telecommunications Rasim Ljajic (2nd R) address a press conference in Belgrade on June 21.
Iranian Minister of Industries, Mining and Trade Mohammad...
50% of Non-Oil Exports to Iraq Via Parvizkhan
About 50% of Iran’s non-oil exports to neighboring Iraq are...
Fintech Event Highlights Women Business Leaders
The 5th round of Iran’s Financial Technology Event known as...
Train Fares  Rise 10%
Train fares have risen by 10% as of June 22, a member of the...
Iran, Syria Revive Talks of Setting Up Joint Bank
Central Bank of Iran’s Governor Valiollah Seif discussed the...

Add new comment

Trending

Googleplus