14 Jul 2011 Yalla Finance
Iran to Revalue Riyal
By Rana Khalifa
The Governor of the Central Bank of Iran, Mahmoud Bahmani, said yesterday that the Iranian government agreed to remove four zeros from the local currency.
The U.S. dollar is worth more than ten thousand Iranian riyals while the Euro is worth more than 15 thousand riyals. The plan to change the currency has been on the government's agenda since the last year, but only recently agreed to reduce the currency's denomination.
Bahmani clarified that the Central Bank and the government are planning to rename the local currency without revealing further details. The Central Bank of Iran said the official inflation rate in that country was 14.2% last May. However, some economic observers are skeptical that it represents the real inflation rate.
Fuel prices have reportedly increased in Iran seven times, particularly after the abolition of government subsidies on food and fuel last December.
Tehran maintains that the international sanctions imposed on the Islamic Republic, against the background of its intransigence over its nuclear program, didn't affect the Iranian national economy.
© Yalla Finance 2011
Iran at it again...they keep having to do this ever couple of years.
Iran to Revalue Riyal
By Rana Khalifa
The Governor of the Central Bank of Iran, Mahmoud Bahmani, said yesterday that the Iranian government agreed to remove four zeros from the local currency.
The U.S. dollar is worth more than ten thousand Iranian riyals while the Euro is worth more than 15 thousand riyals. The plan to change the currency has been on the government's agenda since the last year, but only recently agreed to reduce the currency's denomination.
Bahmani clarified that the Central Bank and the government are planning to rename the local currency without revealing further details. The Central Bank of Iran said the official inflation rate in that country was 14.2% last May. However, some economic observers are skeptical that it represents the real inflation rate.
Fuel prices have reportedly increased in Iran seven times, particularly after the abolition of government subsidies on food and fuel last December.
Tehran maintains that the international sanctions imposed on the Islamic Republic, against the background of its intransigence over its nuclear program, didn't affect the Iranian national economy.
© Yalla Finance 2011
Iran at it again...they keep having to do this ever couple of years.