Iranian currency drops to record low as US plans to tighten sanctions
Iran’s currency – the rial – has dropped to a record low of more than two million to the US dollar on the open market, according to websites that track the currency’s movement. The free market rate is different from the official rate, which values the rial 29 percent higher against the US dollar. The … The post Iranian currency drops to record low as US plans to tighten sanctions appeared first…
Iran's currency, the rial, has reached a record low of over two million to the US dollar on the open market, according to tracking websites. This drop is significantly higher than the official rate, which is 29 percent stronger against the US dollar. The decline in the value of the rial is occurring as the US Treasury prepares to impose additional sanctions on Iran, and while the country faces a deepening economic crisis.
The International Monetary Fund predicts that Iran's economy will shrink by over five percent this year, with food inflation surpassing 100 percent and unemployment rates on the rise.
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- No relief for Rial: Iranian currency sinks to record low as US works on new sanctions timesofindia.indiatimes.com
- Iranian central bank governor says foreign currency supply secured english.ajel.sa
