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Iran Tries to Unify Currency to Halt Rial's Record Slump

  • Government sets single rate for all individuals and businesses
  • Step aims to end two-tiered system in place for several years
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The Risks of Breaking the Iran Nuclear Deal

Iran will try to unify its currency starting Tuesday and control sales of the dollar in a bid to stem a record decline in the rial’s value on the unregulated market.

The government will sell the U.S. dollar at a rate of 42,000 rials to all individuals and businesses, Iran’s First Vice President Eshaq Jahangiri said in a statement recorded for state TV and published on its website, adding that enemies of the Islamic Republic and of the government were behind the instability.