Iran’s Semi-official Fars News Agency, quoting ‘informed sources,’ reported today that the Central Bank of Iran (CBI) will be injecting significant amount of dollar into the country’s foreign currency market to prop up the weakened rial.
The news helped the rial to regained some value and was now trading at 24,520 to dollar, still near the currency’s all-time low.
Money down the drain!
It's a bit like quicksand,the more you struggle,the quicker and deeper you sink!
this goes to show how influencible the currency market has become... just the news they would inject money probably prompted many to buy back the rial..
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