Trading in Tehran markets has largely come to a halt as the rial is near its all-time low. Local media reported that the Central Bank of Iran intervened in the currency market by injecting $700 million in UAE dirhams on Sunday and the rial marginally rose from its all-time low of 600,000 against the US dollar. But such a sizeable intervention has not produced the desired result of stabilizing the rial.
First, the currency rose to 560,000 but after a few hours it dropped again, trading at more than 580,000 to the USD on Monday evening.
As reported on iranintl.com, parliament continued a third day of meetings about the currency crisis but there is little the legislature can do, except asking questions from President Ebrahim Raisi’s government. The fact that the reported monetary intervention was conducted using UAE dirhams instead of US dollars might indicate a shortage of greenbacks in the Central Bank.
President Raisi blames ‘enemies’ as currency hits record low
The record devaluation of Iran's currency, resulted in President Ebrahim Raisi blaming "internal and external" forces for the turbulence. Speaking at an event in Tehran on Monday, Raisi said the sudden price jump was due to attempts by inimical forces in and outside the country to "create turbulence" in the forex market.
Source: aa.com.tr