Economics
Sanctions Threat Forces Iran to End Effort to Support Rial
- Central bank scrapped most restrictions introduced this year
- U.S. is set to impose sanctions on Iran’s economy from Tuesday
This article is for subscribers only.
Iran’s central bank, acting on the eve of U.S. sanctions, scrapped most currency controls introduced this year in a bid to halt a plunge in the rial that has stirred protests against the government of President Hassan Rouhani.
Under the measures, the central bank will allow the market to determine the rate of foreign-exchange transactions except the imports of essential goods and drugs, Governor Abdolnaser Hemmati told state television Sunday night. Licensed currency houses whose trading had been halted will be allowed to resume operations from Tuesday, he said.