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Iran unifies the official and open exchange rates of the market as the rials hit a new low



LONDON (Reuters) – Iran has unified the country's official and open exchange rates, the state media said. According to its currency, the rial had fallen to an all-time low on Monday, as there was concern about a return of crippling sanctions.

FILE PHOTO: Iranian Rial notes are seen in an exchange office in Kerbala, 1
10 km (70 miles) south of Baghdad, on January 27, 2012. REUTERS / Mushtaq Muhammed

The US dollar jumped to 60,000 rials on Monday from 54,700 rials in the open market in Tehran on Monday. One dollar was worth 36,000 rials in mid-September.

Following a Cabinet meeting in Need, Eshaq Jahangiri, Iran's First Vice-President, was quoted by the state media as saying that from Tuesday the price of the dollar would amount to Rs 42,000 in both markets and all business activities.

Iran has long sought to unify its market interest rate used for most commercial transactions at the official rate, which is a subsidized rate available only to ministries and some importers of priority goods.

Jahangiri said on Tuesday that the government would not recognize any rate other than the official rate, and "it would be illegal to trade dollars at an unofficial rate."

U.S. Sanctions lifted under the Iranian nuclear deal with the world powers in 2015 will continue, unless US President Donald Trump resigns on 12 May. Trump has set this as a deadline for the European powers to remedy the "terrible mistakes" of the agreement.

President Hassan Rouhani warned Monday that Trump will regret withdrawing from the nuclear deal.

Reporting by BozorgMore Sharafedin; Editing by Adrian Croft


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