Ever since the rial hit an all-time low against the greenback on Dec. 27, top monetary policymaker Valiollah Seif has been reiterating that the Central Bank of Iran (CBI) will use every tool available to strengthen the national currency. Speaking at an e-banking conference on Jan. 2, Seif vowed that the rial’s recent drop will be reversed, adding that its ideal value is 36,000 against the greenback.
Having retreated from its peak of 41,340 rials, the US dollar is currently trading for between 32,000 and 40,000 rials — but the public expects a further appreciation of their national currency.