On Tuesday, that Iranian currency showed a new low of 140,000 rials to the dollar. The rial later recovered slightly to 138,500.
Iran’s official exchange rate, set by the Central Bank, has stood at 42,000 to the dollar since April. Iranian authorities initially warned they would punish currency exchange houses trading in dollars above that rate. But the Central Bank partially lifted its ban on unofficial exchange rates last month to try to ease panic buying of the US currency.
Iranians’ demand for dollars has soared since US president Trump withdrew from Iran’s 2015 nuclear deal in May, vowing to re-impose US economic sanctions. The move triggered fears that the sanctions would reduce Iranian exports of oil and other goods, and make imports more expensive.
Washington re-imposed a first set of economic sanctions on Iran last month and is scheduled to enact a second and tougher set of sanctions in November, in a bid to pressure Tehran to give up what the US says is its nuclear weapons ambitions. As reported by voanews.com, Iran denies seeking nuclear weapons.
Iranians’ demand for dollars has soared since US president Trump withdrew from Iran’s 2015 nuclear deal in May, vowing to re-impose US economic sanctions. The move triggered fears that the sanctions would reduce Iranian exports of oil and other goods, and make imports more expensive.
Washington re-imposed a first set of economic sanctions on Iran last month and is scheduled to enact a second and tougher set of sanctions in November, in a bid to pressure Tehran to give up what the US says is its nuclear weapons ambitions. As reported by voanews.com, Iran denies seeking nuclear weapons.
