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Iran allows central bank to defend rial by intervening in forex market


  • Banking
  • Saturday, 29 Sep 2018

A set of U.S. sanctions targeting Iran's oil industry is due to take effect in November. President Hassan Rouhani has called the sanctions an "economic war" against Iran.

A set of U.S. sanctions targeting Iran's oil industry is due to take effect in November. President Hassan Rouhani has called the sanctions an "economic war" against Iran.

DUBAI: Iran on Saturday authorised the central bank to intervene in the foreign exchange market in defence of the rial, state television reported, after the currency fell to repeated record lows in recent weeks following the reimposition of U.S. sanctions.

The rial has slumped due to a weak economy, difficulties at local banks and heavy demand for dollars among Iranians who fear Washington's withdrawal from a landmark 2015 nuclear deal and renewed U.S. sanctions could shrink Iran's oil exports and derail its economy.

Banking , Economy , economic war

   

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