News ID: 213016
Published: 1252 GMT April 10, 2018

Iran unifies official, open market exchange rates

Iran unifies official, open market exchange rates

Iran will unify official and open market exchange rates following the rial's recent decline against the US dollar, said Iran's first vice president.

Es'haq Jahangiri made the announcement late Monday following an emergency meeting of the government's economic taskforce headed by President Hassan Rouhani, reported Press TV.

The first vice president said that the dollar exchange rate would be 42,000 rials in both markets, and for all types of activities.

He added that the US dollar sold at any other price would be considered contraband.

On Sunday, Iran's national currency the rial plunged above six percent against the US dollar in the free market.

Commercial bankers earlier linked the rial's slide partly to seasonal demand for US dollars, which rises around the end of the Iranian year (in March) when many Iranians travel abroad.

   
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