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Tehran 06 July_Iran’s rial falls to a new low against the US dollar. At Tehran’s foreign exchange hub on Ferdowsi Street on Sunday, the greenback was offered for around 220,000
.
Experts blame a drop in oil prices and a slump in the global economy as the reason behind the new low. Many blame both the government and racketeers for the sorry state of affairs in the market.
The Central Bank chief Abdolnaser Hemmati has said the bank is trying to access billions in dollars of funds frozen abroad to provide liquidity to the market.
He has also downplayed the psychological impact of other factors, the circumstances created by the coronavirus pandemic, the temporary pressure on the foreign exchange market, and the psychological atmosphere caused by US sanctions.
The government maintains that despite the limited oil revenues, the foreign exchange balance is good and the Central Bank will continue to provide the needed currency. In May, Parliament voted to slash four zeros from the currency and replace it with the toman, which will be equal to 10,000 rials.
The Central Bank of Iran (CBI) has taken a number of steps to stop the depreciation of rial against the dollar, including by injecting hundreds of millions of dollars to the foreign exchange market. The CBI is also providing dollars for imports of food and medicine at the official rate of 42,000 rials to protect necessities from surging prices.
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