Iran lowers currency in bid to boost exports

Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.

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Reuters

Last Updated : May 22 2018 | 11:08 PM IST

In a sign that it will allow some flexibility in exchange rates under threatened US sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.

In early April, with the rial sinking to record lows before US President Donald Trump's decision to exit the Iran nuclear deal, Tehran said it was unifying official and free-market rates for the currency at a single value of 42,000 to the dollar.

Authorities threatened anyone trading the rial at other rates with arrest,

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