Iran’s police step in to contain foreign currency debacle

Iranian police enter the fray to contain an emerging foreign exchange crisis.
Iranian rial banknotes bearing a portrait of the late founder of the Islamic Republic of Iran, Ayatollah Ruhollah Khomeini, sit on the stand of an Iraqi money dealer on June 19, 2014, in Arbil, the capital of the autonomous Kurdish region of northern Iraq. President Hassan Rouhani said on June 18 Iran would do whatever it takes to protect revered Shiite shrines in Iraq against Sunni militants fighting the Baghdad government. AFP PHOTO/KARIM SAHIB (Photo credit should read KARIM SAHIB/AFP/Getty Images
Iranian rial banknotes bearing a portrait of the late founder of the Islamic Republic of Iran, Ayatollah Ruhollah Khomeini, Erbil, Iraq, June 19, 2014. - KARIM SAHIB/AFP/Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

After two months of fluctuations in the foreign exchange market, with the US dollar rate breaking all records in Iran, the police have stepped in to prevent the further devaluation of the rial on the open market.

Over the past six months or so, the dollar has jumped from 39,000 rials to around 49,000 rials.

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