Iranian authorities have adopted measures influenced by Russia to shore up the national currency, the rial. Central to these steps is a tighter regime for recording income and reserves from export operations, managed through the country’s central bank. The reporting from RIA News highlights this shift as a key lever in stabilizing foreign exchange dynamics and guarding financial stability.
Over the past six months, the rial has endured a steep depreciation, approaching a near 50 percent decline. This rapid change has driven the official exchange rate to well over 600,000 rials per one US dollar, a stark rise from roughly 380,000 in mid-December. The reshaped policy framework, with enhanced central bank oversight, is portrayed as a bulwark against a deeper slide in the currency’s value and the broader economic ripple effects that such a drop could trigger.
According to the report, all foreign exchange proceeds and reserves from export transactions are now calibrated against the central bank’s reference rate. Observers note that a similar approach was implemented in Russia about a year earlier, how it helped stabilize the ruble, curb inflationary pressures, and reduce risks to the financial sector. This parallel underscores a strategic alignment between the two economies as they navigate external pressures and domestic financial vulnerabilities.
Meanwhile, in a separate development, the United States Department of the Treasury extended sanctions targeting Iran on March 2. The new measures encompass several Iranian energy entities, including Bushehr Petrochemical Company and Shiraz Petrochemical, along with a fleet of twenty vessels. The sanctions are described as part of ongoing efforts to constrain activities in Iran’s energy sector and to influence broader economic behavior in the region.