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Latest Business News: Iran Central Bank Eliminates Cheaper Dollar Rate

Wochit 0:54 mins

According to Iranian media, Iran's central bank has eliminated a subsidized, cheaper rate for foreign currency and reported a weaker official rate in its place. The Iranian rial has lost much of its value in the last two years, under pressure from international sanctions over Tehran's disputed nuclear program that have limited the country's oil sales, cut its access to the global banking system, and made it more difficult for it to earn foreign exchange. ECB policymaker Christian Noyer said the European Central Bank's decision to break with precedent by declaring it would keep interest rates at record lows for an extended period is fully in line with its mandate. Referring to the ECB's inflation mandate Noyer said "Forward guidance is fully anchored to our mandate and in line with the two pillars of our strategy." Investment research firm Morningstar Inc said personal information, including credit card details, of about 2,300 users of its Morningstar Document Research service may have been compromised due to a security breach last year.

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