EghtesadOnline: Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture says lopping off zeros from the national currency will not produce the desired results unless the initiative is intertwined with structural reforms.
EghtesadOnline: Governor of the Central Bank of Iran says the government is opposed to the repatriation of export earnings in rial as it would weaken the economy.
EghtesadOnline: Governor of the Central Bank of Iran says lopping off four zeros from the national currency will not impose additional costs on the government regarding printing banknotes.
EghtesadOnline: The government on Wednesday approved a central bank proposal based on which four zeros will be shaved off and the national currency rial and the change from official rial to the popularly used toman.
EghtesadOnline: Currency rates in Tehran briefly hit six-month lows since January 9 as the US dollar was traded for 111,000 rials during the mid-day trade in the open forex market on Wednesday.
EghtesadOnline: The currency market, seemingly in calm waters for almost two weeks, shot up Thursday triggered by negative political developments.
EghtesadOnline: The plan to remove four zeros from the rial is on the government agenda, again. The oft-mentioned move was proposed in the past by Central Bank of Iran as part of a broader plan to revisit the monetary system.
EghtesadOnline: Currency rates and gold prices continued their steady rise in Tehran amid a bull run in the stock market. On Monday the US dollar climbed above the resistance level of 140,000 rials for the first time in the current calendar year that began on March 21.
EghtesadOnline: Governor of the Central Bank of Iran says besides the importance for the national currency to regain more of its value, the CBI remains focused also on the stability of the rial.
EghtesadOnline: Despite an uptick in gold prices in international markets on Monday, the yellow metal stayed almost unchanged in Tehran due largely to falling currency rates.