2:14 AM
McGhori
TEHRAN: The central bank of Iran is to enforce a single exchange rate after a dramatic slide in the value of the Iranian rial on the open market, state television reported on Thursday.
“From Saturday, there will be a single fixed rate for the dollar which will be 12,260 rials,” central bank governor Mahmoud Bahmani announced on television.
“This rate is valid for all transactions and authorised imports… as well as for students abroad or those travelling,” he said. Iran previously had two official exchange rates: one of 11,300 rials to the dollar at the bank for state operations and official imports, and a variable rate for businesses and individuals to purchase from foreign exchange offices.
A sharp decline in foreign...
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