Iranian rial falls 5% against the dollar, with the expectation of reducing the value of

Iranian rial falls 5% against the dollar, with the expectation of reducing the value of

Posted 06/08/2012 11:39 AM

DUBAI (Reuters) – Iranian rial fell nearly five percent in the transaction against the U.S. dollar on Monday after the central bank said it would change the official exchange rate of the currency, raising fears of a new cut in value.

According to the website, “it runs the risk,” which tracks the currency price of the Persian language in the free market rial about 21 and 510 thousand riyals to the dollar, down from about 20 and 440 thousand riyals on Sunday.

The Iranian media quoted the central bank governor Mahmoud Bahmani as saying on Sunday that he will announce a change in the “reference price” the government of 12 and 260 thousand riyals to the dollar “within ten days to come.”

They expected the Iranian media to be the new reference price between 15 and 16 thousand riyals.

Most Iranians can not buy the dollar at the official rate and have to resort to the free market where the price is much higher.
Source: altahreernews