Iran has launched an online integrated system intended to manage foreign exchange transactions in a desperate attempt to facilitate the unification of the country’s faulty two-tier exchange rate system.

Following the government’s decision on 9 April to unify the rial exchange rate at $1=IR42,000 after the unofficial rate sank to a record low of around $1=IR60,000 (MEES, 13 April), First Vice-President Ishaq Jahangiri on 23 April inaugurated the new system. (CONTINUED - 1001 WORDS)