situation report

May 3, 2019 | 12:51 GMT

1 min read

Iran: Central Bank Governor Proposes 6-Point Plan to Counter U.S. Sanctions

What Happened: The governor of Iran's Central Bank has laid out a six-point plan to counter U.S. sanctions, including open-market operations, improving the efficiency of hard currency transactions and boosting non-oil exports through a new foreign exchange policy, among others, IRNA reported May 3.

Why It Matters: Iran is reeling from increased U.S. sanctions and is attempting to implement a multifaceted approach to weather its economic crisis, including banking sector reforms and measures to support its rural population.

Background: Iran has already implemented several measures to bolster its currency, including the introduction of open-market operations earlier this year, all of which have somewhat stabilized the black market value of its national currency.

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