• Iran slashes cost of local currency
    July 08,2013
     

    TEHRAN — Iran’s central bank is allowing most importers to buy local currency at half the former official price as part of attempts to attract investors to an economy battered by Western sanctions.

    The effective devaluation of the Iranian rial comes as other proposals are being floated to boost commerce, including possibly waiving taxes for foreign companies.

    Sanctions over Iran’s nuclear program have hit the country’s vital oil exports and blocked transactions on international banking networks. Inflation is running at more than 25 percent.

    The central bank offered most importers an exchange rate of 24,779 rials for $1 on Sunday, a day after the official announcement. That compares with the previous government-set rate of 12,260 rials.

    The unofficial street rate, however, remains considerably higher, at about 33,000 rials per U.S. dollar.



    — The Associated Press

    MORE IN World/National Business
    NEW YORK ó Best Buyís profit jumped 21 percent as the nationís largest consumer electronics... Full Story
    Best Buy posts higher profit, better online and store sales
    NEW YORK ó Wal-Martís vast fleet of stores and its online business are starting to click together. Full Story
    Wal-Mart increases its earnings outlook
    More Articles
  •  
     
    • MEDIA GALLERY 
    • VIDEOS
    • PHOTOS