Iran’s currency plummeted to an all-time low on Saturday, registering a more than 21-percent drop in a span of two weeks against the U.S. dollar, currency tracking websites and money changers said. The rial was traded at between 39,000 and 40,000 per dollar on the open market on Saturday, down from about 33,000 two weeks […]
Thirty-three years after the first economic sanctions were introduced against Iran, the Islamic Republic is feeling the negative effects more than ever. Ordinary Iranians are reeling from soaring prices for household goods. The official inflation rate is 23%, but most analysts believe it is much higher.
Foreign currency shops in Tehran remained shuttered or failed to display prices today while hundreds of Iranian riot police remained in the downtown area a day after protests over the tumbling national currency. Police units were visible around Ferdowsi and Manouchehri
Iran’s freefalling currency is turning meat into a luxury, sparking overnight price surges and spurring shoppers to stockpile goods. “Most of my customers just look at products behind the window and pass,” said Behrouz Madani, 42, who owns a butcher shop in northwest Tehran
Riot police clashed with demonstrators and foreign exchange dealers in Tehran on Wednesday over the collapse of the Iranian currency, which has lost 40 percent of its value against the dollar in a week, witnesses said. Police fired tear gas to disperse the demonstrators, angered by the plunge in the value of the rial.
Iran is working to shrink and eventually eliminate the free market in its tumbling rial currency, the economy minister was quoted as saying amid signs that foreign exchange trade outside a government-sanctioned centre was drying up.
Iranian lawmakers have signed a petition to summon President Mahmoud Ahmadinejad to parliament for questioning over the rapid drop in the value of the country’s currency.
President Mahmoud Ahmadinejad said on Tuesday that Iran’s central bank had provided enough hard currency to finance imports into the country, despite Western economic sanctions designed to cut its oil earnings.
Iran’s rial plunged at least 9 percent to a record low against the U.S. dollar on Tuesday as the industry minister said he hoped security services would root out speculators whom he blamed for the drop. The rial was trading at about 37,500 to the dollar, down from around 34,200 at the close of business […]
A precipitous drop in Iran’s currency, the rial, shows that sanctions are cutting “deeper and deeper” into its economy, the United States said on Monday, reiterating Iran must rein in its nuclear program.