Iran: New dollar-Rial single exchange rate sets off buyer frenzy

Citizens flocked to Tehran’s currency vendors to purchase US dollars on Tuesday, a day after the country's senior vice president, Eshaq Jahangiri, announced a unified exchange rate of 42,000 rials to be enforced from Tuesday onward. The decision came after a sharp fall in the value of the Iranian Rial on the unregulated market in recent weeks. Iran had been operating a two-tier currency system... Еще, with an official rate set for companies, and high street vendors operating in a free market. The government warned against trading at any higher price points saying that «selling a dollar even for 42,100 would be regarded as smuggling.» Many currency exchange offices however fell short of providing for the high demand on Tuesday as one citizen pointed out. «Single rates can be effective when they ensure equilibrium between demand and supply in the market and make them even. We have been going a long time with high demand and low supply. This is why people stand in such long queues.»

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