The Iranian rial plunged to a new low against the US dollar on Monday in what economists said was a slump partly induced by the Middle East's deadliest coronavirus outbreak.
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All tagged Abdolnasser Hemmati
◢ Iran has launched a new domestic bond to support manufacturers and non-oil sectors, Central Bank Governor Abdolnaser Hemmati said. The new bond is expected to raise the equivalent of $3.6 billion at the current free market exchange rate.
◢ The U.S. sanctioned Iran’s central bank and sovereign wealth fund on Friday, a move aimed as retaliation for last weekend’s attacks on key Saudi Arabian oil facilities. “These are the highest sanctions ever imposed,” President Donald Trump told reporters during a meeting.
◢ Iran’s battered currency is starting to recover in the unregulated market as government policies to defend it against U.S. sanctions take effect. The central bank sought ways to protect the currency with measures that include setting up a government-run foreign-exchange platform known as NIMA to quell the black market and controlling interest rates offered by lenders.
◢ Iran replaced its central bank chief on Wednesday, local media reported, amid fallout over banking scandals and the crisis facing the country's economy. Valiollah Seif, who had served as the bank's governor since President Hassan Rouhani took power in August 2013, was replaced by Abdolnasser Hemati following a cabinet meeting, according to the official IRNA news agency.
