Iranians flock to empty exchangers after currency fix

TEHRAN: Confused and frustrated Iranians flocked to exchange offices yesterday after the government fixed a new rate for the dollar, only to find there were none to buy.

On Ferdowsi Street in central Tehran, home to dozens of banks and currency exchanges, many had hoped to find much cheaper dollars than the day before.

Overnight, the government had announced it was fixing the rate at 42,000 rials per dollar in a bid to arrest a slide in the currency, which has lost more than a third of its value against the greenback in six months.

But all along Ferdowsi Street, exchangers were turning hundreds of people away or had signs up saying: “We have no dollars to sell”, while rate boards showed blank spaces for US and European currencies.

“Last night on TV I heard it’s 42,000 so I came here to buy some for my son who is overseas. I’ve checked every exchanger but I couldn’t find any dollars,” said Tahmoores Faravahar, a 71-yearold retired oil sector worker.

A day earlier, some reported dollars selling at a record-high rate of 60,000 rials – pushed up by fears over tensions with the United States and a difficult political and economic situation at home.

“The truth is that the people can’t trust the word of the government that their money will be safe,” said a trader who sold currency on the street and asked to remain anonymous.

“People don’t have hope in the political and economic situation in this country,” he said in the early afternoon. — AFP