Article length: 981 words
Iran struggles to avert currency crisis
The rial’s rapid decline in recent weeks is a matter of increasing concern to President Hassan Rouhani’s government, businesses and Iranian consumers. The rial’s open market rate (one of two exchange rates for the currency) has gone from around $1=IR37,700 in mid-2017 to rise above IR50,000 against the dollar on 6 March. Since then the decline has accelerated, reaching over IR60,000 in early April.
Credit value: 12