Iran’s currency is continuing its downward spiral as increased American sanctions loom, hitting a new low on the thriving black market exchange.
The Iranian rial fell to 112,000 to the dollar on Sunday, from 98,000 to $1 on Saturday. The government-set exchange rate was 44,070 to the dollar, compared to 35,186 on Jan. 1.
The Iranian rial has been declining steadily for years but the drop has accelerated in recent months after the U.S. decision to pull out of the nuclear deal with Iran in May and announcement of increased sanctions beginning next month.
The government last week replaced the country’s central bank governor Valiollah Seif, whose policies have also been blamed for the rial’s fall, and eased regulations on bringing foreign currencies into the country to combat black market trading.
(AP)
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2 Responses
I love it maybe they can join Venezuela with 1,000,000 percent inflation. TWO rich country destroyed by terrible leader. Iran is trying to take over the middle east and than the world is using its money for destroying other governments and Venezuela is trying to use a philosophy that has been proven it doesn’t work, And the same philosophy is being used now by the Socialist Democrats in another work commie part y in the USA
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I am very concern and worry about what will happen to Jewish community who live in Iran who are very pious Jews,
our brothers and sisters.
Is it any way to help them in
this hard economic situation?
Any suggestions?
Thanks