Iran’s rial rebounds from historic low amid heavier CBI intervention
Iran’s rial currency has rebounded from historic lows reported in recent days after the country’s central bank intervened to control the prices in the market.
The rial closed at 550,000 against the US dollar on Sunday hours after it reached an all-time low of 610,000 against the greenback.
The official IRNA news agency said the rebound was a result of policies introduced in recent days by the Central Bank of Iran (CBI), including the launch of a new foreign exchange center which helped satiate demand for hard currencies.
It said some private exchange shops in Tehran had been offering the greenback for 525,000 rials late on Sunday.
Another report by the Tasnim news agency said many savers who had bought hard currencies in recent days were lining up in front of exchange shops to sell.
“Market participants expect the reduction in the price of foreign exchange will continue,” said the report, adding that new CBI directives would further impact the market in the upcoming days.
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