You are here: Home » Reuters » News
Business Standard

Iran clamps ceiling on dollar holdings in effort to support rial

Reuters  |  LONDON/DUBAI 

By Bozorgmehr Sharafedin and Andrew TorchiaLONDON/DUBAI (Reuters) - Iran clamped a 10,000-euro ($12,400) ceiling on the amount of foreign currency that citizens can hold outside banks and sent police to patrol exchange shops on the first day of its drive to stamp out a currency black market and support the plunging rial.Iran's currency had lost close to half its value on the free market since September, driven in part by fears of a return of crippling sanctions if U.S. President Donald Trump carries out his threat to exit a nuclear deal with Tehran.Late on Monday, authorities abruptly ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, April 10 2018. 22:34 IST