A money changer holds Iranian rial banknotes as he waits for customers in Tehran's business district January 7, 2012. REUTERS/Raheb Homavandi
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Iran's central bank is signaling that it will loosen its grip on the rial in an effort to end a dual-exchange rate system seen as an obstacle deterring foreign investment needed to rebuild the economy. Policymakers, in a decision reported earlier this month, allowed commercial lenders to buy foreign currencies using rial rates set by the market rather than those dictated by the central bank. Iranian lenders were compelled to stick to the official rate set each morning by the central bank.Rouhani last month underscored the need for Iran to move toward unification. Days later, Central Bank Governor Valiollah Seif, who had announced plans to adopt a single rate within months following the January implementation of the nuclear deal, said the policy would be in place before the end of the Iranian year in March 2017 .
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