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Iran Sets Single Foreign Exchange Rate To Rescue Currency
Topic Started: 10 Apr 2018 - 21:18 (42 Views)
Pete
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Iran sets single foreign exchange rate to rescue currency

Iran's currency, the rial, lost some 20% against the US dollar in two weeks as Iranians rushed to hedge against depreciation of their assets. Some fear an imminent collapse of the nuclear deal and return of economic sanctions.

"We are sitting idle watching numbers go up. You cannot do business when you start the day with one rate and end with another," Ismail Kazemi, an Iranian coffee importer, said in a phone call from his office in north Tehran.

"Best is to do nothing until the dust settles," he added.

In the foreign exchange market it has been more of a sandstorm for the past few weeks. The Iranian currency, the rial, lost 8% against the dollar in one day this week.

On Monday night the government stepped in, removing the discrepancy between the exchange rate used by traders - 60,000 rials to the dollar - and the official rate - previously 37,000.
Full Story BBC News Asia
Thigibh a nis le buidheachas
n a gheataibh-san a steach,
Is thigibh fòs le maladh mòr
an cùirtibh naomh a theach :
Is thugaibh dha mòr-bhuidheachas,
ainm beannaichibh gu binn.

Psalm 100: 1-4


"Beware of the false prophets! They come to you wearing sheep's clothing, but underneath they are hungry wolves! You will recognize them by their fruit. Can people pick grapes from thorn bushes, or figs from thistles?
Matthew 7: 15-16 Complete Jewish Bible

Dear friends, don't trust every spirit. On the contrary, test the spirits to see whether they are from God; because many false prophets have gone out into the world.
1 John 4:1 Complete Jewish Bible


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