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Economy, Currency and Banking

Tehran Stock Exchange, housing bank, official exchange rate, development banks, Islamic law

Iranís unit of currency is the rial. The official exchange rate averaged 1,764 rials to the U.S. dollar in 2000. However, rials are exchanged on the unofficial market at a rate as much as four times higher. In 1979 the government nationalized all private banks and announced the establishment of a banking system whereby, in accordance with Islamic law, interest on loans was replaced with handling fees; the system went into effect in the mid-1980s. The banking system consists of the central bank, which issues currency; eight commercial banks that are headquartered in Tehran but have branches throughout the country; two development banks; and a housing bank that specializes in home mortgages. The Tehran Stock Exchange trades the shares of more than 400 registered companies.



Article key phrases:

Tehran Stock Exchange, housing bank, official exchange rate, development banks, Islamic law, rials, home mortgages, private banks, times higher, central bank, registered companies, commercial banks, loans, dollar, banking system, effect, establishment, shares, government, accordance, country

 
 

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