Iran launches forex

Iran launched a fresh bid on Monday to stabilise its falling currency, opening a foreign exchange centre that provides government-subsidised U.S. dollars to import some goods as the country struggles with Western economic sanctions, Reuters reports.

The rial's street value has tumbled by more than half in the last year because of U.S. and European sanctions against Iran's oil and banking sectors, which have cast doubt on the central bank's ability to defend its currency.