Press TV – The Iranian rial is gaining some respite from its record losses against the dollar after the country had to take drastic measures to arrest the national currency’s downward spiral.
The dollar was being offered at 119,000 rials on the unofficial market Tuesday and Wednesday, compared to 120,000 rials earlier on Monday, Iranian news agencies reported.
The Tasnim news agency attributed the recovery to new forex policies and restrictions on banking transactions and purchases of dollars as well as a ban on money sent-outs by unauthorized foreign exchange shops.
Dealers were quoted as saying that the number of dollar sellers has grown vastly in recent days, driving down its value fast.
On Tehran’s Ferdowsi Street where exchange houses have mushroomed in recent years, each dollar was cited at 119,000 rials on Tuesday, while a gold coin dropped to 38 million rials from 40 million rials in recent weeks.
Central Bank governor Abdulnaser Hemmati on Wednesday signaled that the rial will continue to strengthen as he advised against savings in foreign currencies by the public.
“I have already advised my fellow Iranians not to invest in foreign exchange as assets. Those speculating in foreign exchange will likely be making losses but my advice is to ordinary people not to enter this sector,” he said.