Iran on 9 April announced the unification of its official and free market exchange rates for the rial in a surprise, desperate attempt to halt the free-fall in the value of its currency. This has now plummeted to an all-time low of around $1=IR60,000, compared to $1=IR37,700 in mid-2017.
The rial’s plunge was driven by geopolitical fears over the possible US withdrawal from the nuclear accords and resultant tightening of sanctions that have eased since January 2016. (CONTINUED - 1051 WORDS)
