The Central Bank of Iran pumped 700 million dollars into the foreign exchange market to limit the deterioration of the riyal against major currencies.
The official Iranian news agency stated that this step contributed to strengthening the exchange rate of the local currency to the level of 570 thousand riyals against the dollar, after it exceeded the barrier of 600 thousand.
The Iranian currency has witnessed a remarkable decline for weeks, as it was traded on Sunday at 601.5 thousand riyals per dollar in the unofficial market, compared to 575 thousand on Saturday, and 540 thousand on Friday.
The riyal has lost about 50% of its value since the protests erupted last September.
Iranian President Ibrahim Raisi asked the economic team in the government to employ all economic efforts to restore stability to the currency market.
Raisi said during a government meeting that what he described as “the enemy of Iran” resorted to creating inflation in the currency market to target the lives and livelihood of citizens.
Last Saturday, the Central Bank of Iran lifted a ban on private exchange shops, in order to reduce the demand for dollars.
The Iranian Central Bank recently announced the establishment of a new body called the Currency and Gold Exchange Center, with the aim of strengthening its control over the currency and gold market in the country.