Iran’s rial crashes to fresh record low as US sanctions loom
Tehran — Iran’s currency traded at a fresh record-low of 119,000 to the dollar on Tuesday, a loss of nearly two-thirds of its value since the start of the year as US sanctions loom. The Iranian rial has been crashing in recent days as the country anxiously awaits the reimposition of full US sanctions, starting on August 6. The rial hit 100,000 to the dollar for the first time on Sunday and continued its decline on Monday, losing 18% of its value in less than two days. On January 1, the dollar was worth 42,900 rials. The government has been in crisis mode, replacing its central bank chief last week. The central bank issued a statement on Monday, blaming the currency volatility on the "enemies’ conspiracy" and vowing fresh counter-measures "in the coming days". In April, the government tried to fix the value of the rial at 42,000, but black-market rates exploded as Iranians rushed to illegal traders, seeking to protect their savings by buying dollars, or investing in the hope that the...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.