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Iran struggles to control plunging rial

The Iranian rial has hit record lows, dropping past IR113,000=$1 on 29 July and continuing to fall since then. Seasonal demand for foreign currency may be contributing to the slump in the rial’s value, but the main problem is looming US sanctions, which are due to take effect in two waves in early August and November. Locals are moving assets into hard currency, gold coins and other safe investments to protect their wealth.

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