Iran’s central bank chief blames US-based website for rial’s devaluation

Iran’s central bank governor has accused the US-based website Bonbast of fueling the devaluation of the rial by setting unofficial exchange rates used by Iranian exchange offices.

“The Bonbast channel, which determines the dollar exchange rate for all Iranian exchange offices starting at 9 AM, is registered in the US, and all its servers are also located there,” Mohammad Reza Farzin said.

Bonbast is widely known for publishing the free-market exchange rate of the rial against foreign currencies.

Iran has multiple official exchange rates but the free market rate reflects the true value of transactions. The rial has depreciated by over 25% since September, driven by regional conflicts and Iran’s setbacks in Syria and Lebanon.