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The widening of the gap between official and unofficial exchange rates stood at over 20% in November 2011. This shows the correlation between the value of foreign currencies and the domestic inflationary environment.The unofficial rial to US dollar rate underwent severe fluctuations in January 2012 (the rial losing 50% of its value in a few days, following new international sanctions against the CBI), eventually settling at 17,000 rials at the end of the period. Besides all the bad effects on the economy in general, this had the effect of boosting the competitiveness of Iran's domestic industries abroad. Following President Mahmoud Ahmadinejad's decision to liberalize the mechanism by which bank interest rates are set (granting banks the authority to raise interest rates to 21%),CBI announced that it would be fixing the official rate of the rial against the dollar at 12,260 rials from January 28, 2012 and seek to meet all demand for foreign currency through banks
Iranian Banknotes During Pahlavi Dynasty
The widening of the gap between official and unofficial exchange rates stood at over 20% in November 2011. This shows the correlation between the value of foreign currencies and the domestic inflationary environment.The unofficial rial to US dollar rate underwent severe fluctuations in January 2012 (the rial losing 50% of its value in a few days, following new international sanctions against the CBI), eventually settling at 17,000 rials at the end of the period. Besides all the bad effects on the economy in general, this had the effect of boosting the competitiveness of Iran's domestic industries abroad. Following President Mahmoud Ahmadinejad's decision to liberalize the mechanism by which bank interest rates are set (granting banks the authority to raise interest rates to 21%),CBI announced that it would be fixing the official rate of the rial against the dollar at 12,260 rials from January 28, 2012 and seek to meet all demand for foreign currency through banks