Iran's rial recovers after ratification of CFT accession bill
Tehran, Iran, Oct. 8
Iran's currency, the rial, has recovered after the approval of the bill on the country’s accession to the Combating the Financing of Terrorism (CFT) standards, set by the FATF (Financial Action Task Force).
Iran's parliament on Sunday (Oct. 7) approved a bill to counter terrorist financing to move Tehran closer to global norms and help remove it from investment blacklists as it faces renewed US sanctions. Now the positive response from FATF could facilitate banking relations with Europe.
The currency has been volatile for months because of the heavy demand for dollar among Iranians. Now in the currency market, those who bought dollars as a way to protect their capitals anxiously asked the new exchange rates.
According to the report, the US dollar is currently priced at 122,000 rials, which is projected to continue.
This week's rial rally might alleviate fears and bring hope that Iran's economy is indeed not on its knees.