London, 13 Mar - The Tehran Stock Exchange was set to close the current fiscal year at the end of the month with a gain of approximately 25% in local index terms. In February, there was a record plunge in the commercial currency market which is used as an alternative to popular investment. The rate plummeted to 50,000 rial per $1 USD and officials were obliged to shut down scores of dealers.
In an attempt to divert remaining liquidity, the monetary authority issued high-interest bonds. Its own activity was criticised in the banking world for its lack of consistency with regards to intervention that resulted in months of difficulties in accessing foreign exchange.