History of the Rial and Foreign Exchange Policy in Iran
Mohsen Bahmani-Oskooee
Iranian Economic Review (IER), 2005, vol. 10, issue 2, 1-20
Abstract:
Through the history and since 1933, the Iranian rial has declined from 11.2 rials per dollar to almost 8600 rials per dollar today in the parallel or black market. At the same time the official rate has been kept at artificial level most of the time, not consistent with other macro conditions of the country. Historically, however, the Central bank has adjusted the official rate and brought it in-line with the black market rate. This paper not only reviews the historical developments surrounding Iranian rial, but also provides an event study supporting the literature that any foreign exchange control has only short-run impact on the official exchange rate. In the long-run, the official rate must be adjusted toward the black market rate, as evidenced by the behavior of the Central Bank of Iran
Keywords: foreign exchange Policy; Iran; Rial. (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)
Downloads: (external link)
ftp://80.66.179.253/eut/journl/20052-1.pdf (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eut:journl:v:10:y:2005:i:2:p:1
Access Statistics for this article
Iranian Economic Review (IER) is currently edited by Dr.Hossien Abbasinejad
More articles in Iranian Economic Review (IER) from Faculty of Economics,University of Tehran.Tehran,Iran Contact information at EDIRC.
Bibliographic data for series maintained by [z.rahimalipour] ().