Arab Today, arab today rial below official rate as iran forex trade reopens
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

Rial below official rate as Iran forex trade reopens

Arab Today, arab today

Arab Today, arab today Rial below official rate as Iran forex trade reopens

Tehran - AFP

Business resumed Wednesday on Tehran\'s open foreign exchange market, with dealers offering major currencies well above a cap that the central bank imposed to halt the slide of the Iranian rial. Police and security personnel cracked down on the market in the centre of the Iranian capital a week ago, closing exchange bureaux and rounding up unlicensed money-changers. Shopkeepers and exchange bureaux have since reopened, but they were doing little trade as they considered the central bank rate of 28,500 rials to the dollar as unrealistic, witnesses said. The US dollar was being offered for 33,000 rials, they said. A few black market dealers had been offering the greenback at around 34,000 rials on Tuesday. Iran has been facing a growing shortage of foreign cash, preventing the central bank from being able to support the rial on the open market, where it has lost more than two-thirds of its value since the beginning of the year. The crisis was sparked by increasingly tough oil and banking sanctions imposed by the West over Tehran\'s disputed nuclear programme. The punitive measures have hindered the Islamic republic\'s ability to repatriate much of the foreign revenues generated by its vital oil exports. Parallel to the open market, the official dollar rate in Iran has been fixed for several months at 12,260 rials, but that is reserved for government agencies and a few companies importing food or other goods judged essential. In an effort to get around the banking sanctions and the pressure on the open market, the government in late September created an \"exchange centre\" that puts importers in contact with exporters, to exchange funds using a rate calculated at a small discount to the open market rate. But so far there is no sign of the pressure lifting off Iran\'s currency.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rial below official rate as iran forex trade reopens Arab Today, arab today rial below official rate as iran forex trade reopens

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rial below official rate as iran forex trade reopens Arab Today, arab today rial below official rate as iran forex trade reopens

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday