Iran’s Central Bank to inject cash into market as rial hits record lows
Iran’s Central Bank plans to sell foreign currencies next week in an effort to stabilize the rial, which has been losing value against the US dollar and other major currencies.
According to the Tasnim news website, affiliated with the Revolutionary Guard, the bank will inject 1.5 billion UAE dirhams and 300 million US dollars in cash into Tehran’s free exchange market.
The rial has depreciated by over 25% since September, driven by regional conflicts and Iran’s setbacks in Syria and Lebanon. On Thursday, the rial traded at nearly 770,000 per US dollar, a sharp drop from around 600,000 in September.
Since the establishment of the Islamic government in 1979, the Iranian currency has experienced an 11,000-fold decline in value.
