The Iranian currency market has seen a steep rise in the price of the dollar, with each dollar being traded at 3,400 toumans, which is the highest it has traded in the current year.

The exchange rate peaked two years ago at the height of the sanctions and the impasse in the nuclear negotiations, when a dollar traded at 3,600 toumans.

Mehr reports that the Central Bank may step in to impose some control over the price of the dollar.

A Central Bank spokesman told Khabar Online that the bank had hoped for a resolution in the nuclear negotiations by this time and the extension of the talks until July has caused a lack of confidence among traders.

Last week, Iran and the 5+1 agreed to give themselves another eight months to reach a final resolution in the nuclear talks, which means that sanctions against Iran will continue.

Meanwhile, a steep fall in the price of oil has had an adverse effect on the Iranian economy and the country’s budget, which is heavily dependent on oil revenues.