Macroeconomic Forecast IranJuly 2012 | Macroeconomic Forecasts
BMI View: The Iranian Rial was officially trading at IRR12,250/US$ on July 25, having lost 8.6% of its value since February 7. That said, the currency was trading at 19,590/US$ on July 26 in trading houses licensed to exchange the currency at market rates. Confidence in the currency has effectively collapsed in recent months alongside the imposition of harsher Western sanctions on the country’s oil exports. We project the rial to continue depreciating, and have set a short-term target of IRR12,500/US$ in the official market.
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