Tuesday 22 January 2013

Iranian rial drops with bank head in spotlight - The National

The Iranian rial has dropped sharply on the open market since Sunday on speculation the head of the country's central bank could be sacked in a row over his performance that has exposed the country's political faultlines.

Reuters contacted currency traders who offered the rate of 35,400-35,550 to the dollar yesterday morning, little changed from Monday but down some 8 per cent from Sunday when it stood at about 33,000.

The bank governor Mahmoud Bahmani - appointed by the president Mahmoud Ahmadinejad in September 2008 - has faced strong criticism of his management of the rial following a slump in the currency last September during which 40 per cent of its value in a matter of days.
Iranian rial drops with bank head in spotlight - The National

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