On August 5, Central Bank Governor Mahmud Bahmani said the bank would be revising the official rate for the dollar within 10 says or by August 15. August 15 has long since come and gone and the Central Bank has said nothing further.
The rial plummeted after Bahmani’s announcement. The dollar was selling on the open market for 20,080 rials the day before Bahmani’s announcement and fell to 21,830 rials or by almost 9 percent three days later.
In recent days, the rial has settled into a range between 21,000 and 21,500 to the dollar, having lost half its value in the past year.
The official exchange rate, set at 12,260 rials to the dollar in January, still holds, although it is very hard to get any dollars at that rate.
