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Forex Rates Jump After Gov’t Stops Cheap Currency Allocation

On the order of Industries Minister Mohammad Shariatmadari, currency allocation for all goods, even those whose imports are deemed vital, has been suspended to implement a mechanism that guarantees transparency
Forex Rates Jump After Gov’t Stops Cheap Currency Allocation Forex Rates Jump After Gov’t Stops Cheap Currency Allocation

Foreign exchange rates in the unofficial market registered gains on Sunday after the government stopped all currency allocation at the unified rate of 42,000 rials. 
The measure to suspend the allocation of cheap currency was enforced by the Ministry of Industries, Mining and Trade after reports of widespread abuse by importers were disclosed in recent days. 
The US dollar's exchange rate, which had embarked on a falling trajectory since the Central Bank of Iran launched the secondary market last week, fell below the support level of 80,000 rials. 
On Sunday, the rial was reportedly traded at around 82,000 rials in Tehran's open market.

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