Iran suddenly devalues its currency by 17%
A queue in Tehran for foreign currency
Amidst a surge in demand for foreign currency, Iran's Central Bank in a move touted to unify currency exchange rates in the official and black markets, has devalued it currency by about 17%. The new official rate for U.S. dollar is 1216 Toomans (Iran's currency), as compared to 1040 toomans before the devaluation. The devaluation is believed to be caused by a serious shortage of foreign currencies and a sharp drop in Iranian exports. Iran's official inflation rate and average official bank interest rates stand at around 17% but black market interest rates and riskier investments can yield as much as twice this rate (34%).
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