Iran will introduce a three-tiered exchange rate system to purchase different classes of imports, state media reported on Saturday, in an indication that the government’s stores of hard currency are coming under pressure from Western sanctions.
The Iranian rial has lost nearly half its value in the last year, after the West tightened sanctions against Iran over its disputed nuclear programme.
Iran’s oil sales, its chief source of hard currency earnings, have plummeted this year due to the measures, and it has had trouble repatriating currency earned from crude exports because of sanctions against its central bank.
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