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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- The Ripple Effects of the U.S. Move to Stop Oil Flows From Iran (April 22, 2019)
- By Targeting Iran's IRGC, Trump Goes Where No Other Administration Has (April 9, 2019)