-The sanctions have slashed Iran's oil export earnings and triggered a rush by Iranians to change their savings into foreign currency, dragging the rial down.
In spite of the fact it exports oil to China in gold instead of dollars?
-Early last week the rial was trading around 37,500 to the dollar, having lost about a third of its value in 10 days and two thirds in 15 months.
-So the government is eager to stabilize the
exchange rate. Its failure to do so in the last several days suggests it
may have to close down the legal free market entirely to establish
control of the currency, analysts said.
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