Iran is setting new limitations on currency exchange due to lack of foreign currency in the country, APA reports.
The country is implementing a three-step system of exchanging rials to dollars. Banks will sell $1 for 12,260 rials to purchase essential goods, and for 15,000 to purchase industrial resources and intermediate goods. In other cases, Iranians would pay 19,000 for $1.
The price of rials has dropped by over 50% this year. Experts say that it is a result of US and EU sanctions against Iran's nuclear program,.
Reports in early July said that oil extraction, as the main source of income in Iran, had dropped to its lowest in the last 20 years.
