Iranian central bank struggles to support plummeting rial

The Central Bank of Iran
Ensie & Matthias/Flickr

A ‘foreign exchange centre' at the Central Bank of Iran has been set up in an attempt to halt the rapid decline in the value of the rial. The centre aims to facilitate exchange transactions, diverting trades away from the parallel market and allowing a degree of intervention to control the supply of currency, the central bank says on its website in Persian.

But Steve Hanke, a professor of economics at John Hopkins University, says the central bank's intervention was "one of the triggers" of the

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