Iranian currency plummets to new low as international sanctions start to bite

      The Iranian currency, battered by international sanctions and domestic turmoil, has fallen to new lows. The currency fell in part to what some Iranian traders interpreted as tougher talk from US and Israeli officials, as well as the Iranian central bank’s launch of a new currency exchange in Tehran on September 24.

Traders in Tehran and currency websites said that the Iranian rial rate fell on Monday to as low as 33,500 rials to the dollar on informal currency bazaars and exchanges, down 13 percent on the day, after already falling sharply last week. According to the Wall Street Journal, the official rate, available in limited amounts for students and tourists traveling abroad, remained at the same 12,260 rials per dollar, it has been at for several years.

White House press secretary Jay Carney said the rial's drop was a result of the punitive measures imposed by the U.S. and its allies for Tehran 's refusal to address international concerns about its nuclear program. Last week, President Barack Obama said at the United Nations that the U.S. will "do what we must" to prevent Iran from getting an atomic weapon.

Custom Search

Home    Contact Us
 Free contributions of articles and reports may be sent to
All Rights Reserved ©