Iran’s falling currency rebounded on Monday, with its largest gain against the US dollar since January.

The rial, which had lost almost 75% of its value this year, recovered about 10% yesterday. It closed at 156,500:1 v. the dollar.

The gain still has not wiped out a sharp fall week, when the rial plummeted more than 20% — from 149,500:1 to 190,000:1 — within 48 years. However, it has given at least a brief respite for the regime and Government, under heavy criticism for an inability to deal with production, investment, trade, and employment amid long-term internal problems and expanding US sanctions.

In January, the rial was at an already-historic low of 45,000:1 before regular, steep drops up to last week.

The cause of Monday’s recovery was unclear although State outlet Press TV linked it to Sunday’s announcement by the judiciary of three death sentences on defendants accused of economic crimes and “spreading corruption on earth”.

Iran Daily, Oct 1: 3 Sentenced to Death for “Economic Crimes”

The site said that individuals holding dollars rushed to sell them, with some street dealers able to buy at a rate as low as 130,000:1.

Last week’s fall was checked by an announcement by Foreign Minister Mohammad Javad Zarif and the European Union’s Federica Mogherini of a special payments channel to permit trade, working about comprehensive US sanctions planned for November 5.

Iran Daily, Sept 30: Zarif — 7 European National Banks to Ensure Trade with Tehran

The Government has failed with other attempts to stem the crisis, including the raising of interest rates on savings, the switch to the Euro as the official reporting currency, and a secondary currency market to control rates, including a requirement that non-oil revenues in dollars must be offered to buyers.