Page 19 - bne_newspaper_August_24_2018

Eurasia
August 24, 2018 www.intellinews.com I Page 19
that the new mechanism to control the dollar rate would rely on what he referred to as a “secondary currency market”.
The package he outlined started to show immediate effects. The all-time low of more
than IRR120,000 that the rial posted against
the dollar a couple of weeks back prior to the unveiling of the package has not been seen again.
The unofficial rate stood at around 106,000 as August 21 came to an end. That’s an improvement but considering the dollar only bought around IRR35,000 at the start of this year, it’s nothing to celebrate. Mind you, the rial is not alone. Turkey’s lira is down around 40% against the dollar in
the year to date, and the Russian ruble has lost around 14%.
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