Economics
Iran's Central Bank to Devalue Rial 8.5% Against Dollar
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Iran plans to devalue the rial by about 8.5 percent against the U.S. dollar, setting a new exchange rate and vowing to reduce the black market’s influence as international sanctions undermine confidence in the currency.
Iran will fix the rial rate at 12,260 to the dollar as of Jan. 28 and seek to meet all demand for foreign currencies through banks, state-run Mehr news agency reported, citing central bank Governor Mahmoud Bahmani. The reference exchange rate on the central bank’s website today was 11,296 per dollar.