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Iranian Lawmakers Call For Central Bank To Support Faltering Rial


The Iranian currency hit record lows this week, falling to around 26,000 rials to the dollar.

The Iranian currency hit record lows this week, falling to around 26,000 rials to the dollar.

A group of Iranian lawmakers who are critical of President Mahmud Ahmadinejad's policies has urged Iran's Central Bank to intervene in the currency market to support the country's faltering rial.

The move comes after the Iranian currency hit record lows this week in the midst of international sanctions, falling on September 10 to around 26,000 rials to the dollar.

That is about half the rial's value of a year ago and down 17 percent since September 6.

The rial trades at two rates in Iran.

There is an official fixed rate of 12,260 to the dollar that is maintained by the Central Bank and used for imports of essential items.

The far weaker exchange rate is determined by a street market of small moneychangers and is used by most Iranians to obtain hard currency.

Based on reporting by Reuters and AFP
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