Iran devalues in bid to stop rial slide | Reuters: "(Reuters) - Iran announced an 8 percent devaluation of the rial on Thursday and said it would enforce a single exchange rate, aiming to stamp out a black market where dollars have soared due to fears over new sanctions imposed by the West.
"I announce it right here at 12,260 rials (to the dollar)," Central Bank Governor Mahmoud Bahmani told state television.
"This new price will go into effect starting Saturday in all banking outlets and all banking transactions will be calculated on the basis of this new rate," he told Channel 1.
The bank's reference rate, posted on its website on Thursday, was 11,296 rials to the dollar."
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