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Until 2002, Iran's exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the "preferred or official rate" (Rls 1,750 for US$1) while the private sector paid the "market rate" (Rls 8,000 for US$1), hence creating an unequal competition environment.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
However, excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies that are independent or pegged to a currency basket. Dependencies and unrecognized states are listed here only if another currency is used on their territory that is different from the one of the state that administers them or has jurisdiction over them.
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
The Iranian toman (Persian: تومان, romanized: tūmân, pronounced [tuː.mɒːn]; from Turko-Mongolian tümen "unit of ten thousand", [1] [2] [a] see the unit called tumen) is a superunit of the official currency of Iran, the rial. One toman is equivalent to 10 (old), or 10,000 (new, official) rials.
Before the collapse of Bretton Woods system, the currency was pegged at a fixed exchange rate to the United States dollar for international trade, with the dollar convertible to gold for foreign governments only. The rupee was pegged to British Pound until 1982 when the government of General Zia-ul-Haq changed to a managed float. As a result ...
Government loans and credits are available to industrial and agricultural projects, primarily through banks. Iran's unit of currency is the rial which had an average official exchange rate of 9,326 rials to the U.S. dollar in 2007. [37] Rials are exchanged on the unofficial market at a higher rate. In 1979, the government nationalized private ...
A 2000 Dinar/2 Iran coin of Mohammad Ali Shah Qajar era. The iran (Persian: قران; also Romanized kran) was a currency of Iran between 1825 and 1932. It was subdivided into 20 shahi or 1000 dinar and was worth one tenth of a toman. The rial replaced the qiran at par in 1932, although it was divided into one hundred (new) dinars. Despite the ...