Traders in Dubai hope Iran's introduction of a more flexible exchange rate will help to stimulate trade flows under pressure from sanctions and the Iranian rial's slide.
The rial has fallen by close to half against the US dollar in black-market trading in the past year, pushing up the cost of goods flowing to Iran. Most trade has been based on the unofficial rate of 19,000 rials to the dollar.
In an effort to ease costs, the government is to supply dollars at the lower official rate of 12,200 rials to the dollar for the import of basic goods, the official Iranian Students' News Agency reported on Saturday.
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