In a decisive move intended to stop the further devaluation of the rial, the Rouhani government announced it would unify the official and free market dollar exchange rates, settling on an official rate of IRR 42,000.
First Vice President Eshagh Jahangiri made the announcement last night, declaring that trading dollars above the new rate would be a serious crime. “Just like the smuggling of drugs, no one has the right to buy or sell [above the new rate]… If any other exchange rate is formed in the market, the judiciary and security forces will deal with it,” he warned.
“There should not be such incidents in an economy that always has a surplus of foreign currency. Some say interference by foreign hands is disrupting the economic climate and some say domestic machinations are spurring these things in order to destabilize the climate in the country,” added Jahangiri.