Iran Announces Buy 1:Get 1 to Combat SanctionsSubmitted by goldenequity on Sun, 07/07/2013 - 10:39
Iran's central bank is allowing most importers to buy local currency at half the former official price as part of attempts to attract investors to an economy battered by Western sanctions.
The effective devaluation of the Iranian rial comes as other proposals are being floated to boost commerce, including possibly waiving taxes for foreign companies.
The central bank offered most importers an exchange rate of 24,779 rials for $1 on Sunday, a day after the official announcement. That compares with the previous government-set rate of 12,260 rials.