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Iran cenbank says to stabilise rial vs dollar

The rial dropped to 12,200 to the dollar on Wednesday on the open market amid speculation about a scarcity of dollars in a country under international sanctions.

September 30, 2010 3:40 by



The Central Bank of Iran aims to stabilise the currency, which suffered a sudden drop in value in recent days, to a “normal” exchange rate with the U.S. dollar by next week, the bank’s governor said on Thursday.

“By next week the price of the currency will get back to its normal market rate of 10,600 rials,” Mahmoud Bahmani told the semi-official Mehr news agency in an interview. The rial dropped to 12,200 to the dollar on Wednesday on the open market amid speculation about a scarcity of dollars in a country under international sanctions.



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