Iran Central Bank Says Rial Can Be Traded at Market Rates

Iran’s central bank allowed trading in its currency at market levels after fixing the exchange rate in January as the threat of sanctions over the country’s nuclear program and economic risks spurred Iranians to buy up dollars.

“Licensed exchange houses are given permission to buy and sell foreign currencies and answer customers’ needs based on the mechanism of the market’s supply and demand,” the Iranian central bank said in a statement posted on its website.