Rial keeps falling; another 3% on August 7; now at 21,930:1 vs. the US dollar

Speculation is growing that the Central Bank will announce a significant “adjustment” of the official exchange rate, which is currently 12,260 Rials to the US dollar. Observers such as the head of Bank Tejarat are predicting a new rate between 15,000:1 and 16,000:1. This would still leave a gap of 35-40% between the official rate and the open-market rate of 21,300:1.