Thousands of Iranian students studying abroad are feeling the pain of new foreign exchange policies announced by the Central Bank of Iran in response to the rial's devaluation.
In January, one US dollar fetched 44,500 rials on the open market. Today, it takes more than 100,000 rials to equal one dollar. The government had long allowed students enrolled at universities abroad to obtain hard currency at a lower official exchange rate, after being approved through a process that involved multiple grueling steps. Among other conditions, male students also had to provide proof of having fulfilled their mandatory military service, and every student was required to sign a letter of commitment promising to work in Iran for up to six years anywhere the government placed them after completing their education.