Only days after the announcement of President Hassan Rouhani’s new forex policy, the value of Iranian national currency rial nosedived once again on the country’s open market.

While the dollar surpassed 10,000 rials, the private forex market is struggling with unexpected fluctuations, specifically over the value of the dollar, reports say.

Retreating from its earlier attempt to stop the downfall of rial, Rouhani’s government agreed this week to lift the restrictions it had imposed on forex trading in the private market.

The government says its new policy, based on what it has described as “Secondary Forex Market”, is to restrain the unbridled soaring value of the foreign currencies. It is basically reversing its previous ban on trading by the private sector.

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