Iran remains largely cutoff from international financial networks because of U.S. sanctions. (AP Photo/Vahid Salemi)
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Iran moved Tuesday to enforce a single exchange rate to the dollar, banning all unregulated trading after the country's currency, the rial, hit an all-time low.The decision came late Monday after a two-day hike in prices of foreign currencies that saw the rial trading at 62,000 to the dollar – an 18 percent drop since Saturday.Government spokesman Mohammad Bagher Nobakht said Iran brings in some $95 billion a year in foreign currency, mostly from crude oil exports, which resumed after the 2015 nuclear deal.However, Iran remains largely cutoff from international financial networks because of U.S. sanctions. Iran has long had trouble managing its currency market.
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