The Iranian currency rial continued its downward spiral and today was traded at 13,600 rials per dollar, a record low. The Central Bank of Iran (CBI) intervened during the day to keep the value of the currency close to its official exchange rate, but failed in its attempt.
Last June, the CBI devaluated the rial by 11%, setting the official exchange rate at 11,710 rials per dollar. The move was an attempt to close the gap between the official and market rates. In less than six months, the rial’s market value has lost another 16%. In fact during the six years of Ahmadinejad’s presidency, the rial has lost 45% of its value against dollar.