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فهرست مقالات

history of the rial and foreign exchange policy in iran

نویسنده:

ISC (20 صفحه - از 1 تا 20)

کلیدواژه ها :

Iran ،foreign exchange Policy ،Rial

کلید واژه های ماشینی : Iran، Central Bank Iran، Iranian، SDR، The Iranian Central Bank Iran، Gold Standard، Gold Standard International Monetary System، Month، What Central Bank Iran، The Central Bank Iran

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

خلاصه ماشینی: "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 I- Introduction A monetary system involves institutions, instruments, rules and procedures for handling international payments. On September 18, 1974 faced with abundant supply of oil, foreign exchange and gold, Iran declared full convertibility of the rial under IMF regulations. Banks were authorized to sell foreign exchange to importers at a rate near the free-market rate which stood at around 1200 rials per dollar. Obviously due to controls and the Central Banks inability to satisfy the demand for foreign exchange, the rate in the black market began rising and it stood at about 3600 rials per dollar during summer 1995. However, in the following year (2001), due to boom in the global markets, oil prices rose by 36% and Iran experienced substantial increase in oil revenues and trade surplus which led to the elimination of the export rate restrictions. III- Summary and Conclusion The review of historical developments surrounding Iranian rial and foreign exchange policies implemented by the Central Bank of Iran leads to the following conclusions: Rial has depreciated over time from 11."

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