VIDEO: Latest Business News: Iran Central Bank Eliminates Cheaper Dollar Rate

According to Iranian media, Iran’s central bank has eliminated a subsidized, cheaper rate for foreign currency and reported a weaker official rate in its place. The Iranian rial has lost much of its value in the last two years, under pressure from international sanctions over Tehran’s disputed nuclear program that have limited the country’s oil sales, cut its access to the global banking system, and made it more difficult for it to earn foreign exchange.

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