EghtesadOnline: Heads of the three branches of government (executive, legislature and judiciary) have stressed the need and significance of working in concord to help restore calm to the currency market struggling with skyrocketing rates unseen in the country’s history.
EghtesadOnline: The rial added to recent gains on Sunday as major foreign currencies retreated. The dollar lost 3% at the Tehran’s open market or 9,000 rials to settle at 275,500 rials at the close of the session.
EghtesadOnline: The dollar advanced above the critical 280,000 rials at the start of trading week on Saturday as the national currency is tanking under a fresh bout of volatility.
EghtesadOnline: Lawmakers are studying a proposal by the government and the Central Bank of Iran to slash four zeros off the national currency and switch the national currency from the rial to toman.
EghtesadOnline: Forex and gold prices plunged in Tehran in the past three days amid optimism about a stronger rial in the coming weeks. The dollar plunged to five-month lows on Saturday fetching 229,000 rials – down 4.5% in one day. The greenback posted 7.5% decline compared to Wednesday's close when it bought 245,000 rials.
EghtesadOnline: The Central Bank of Iran is studying the issuance of “crypto-rial” as a central bank digital currency (CBDC) and a digital form of the country’s fiat money, the CBI director of Payment Systems Department said.
EghtesadOnline: The national currency pared earlier losses at the beginning of trading day on Saturday as sentiment in the forex market weakened following new measures announced by the Central Bank of Iran including its currency injections to try and curb rates.
EghtesadOnline: The foreign exchange market in Iran is experiencing unprecedented highs as major currencies continue to rise against the national currency.
EghtesadOnline: New exchange rates should be used by banks as the basis for converting their forex debt and assets into rial, the Central Bank of Iran said Thursday.
EghtesadOnline: Major currencies moved further from record highs reached last week and declined Sunday both in Tehran’s free market and official exchange-bureaus affiliated to the Central Bank of Iran.