Iran's rial in the dumps against dollar amid increasing strain from Western sanctions
Sanctions on Iran have brought the currency value crashing down to its lowest level against the dollar of all time, currency traders and monitors told AFP.
The rial traded between 39,000 and 40,000 to the dollar on Saturday, compared to 33,000 two weeks ago.
In January, it dropped to 37,000 per dollar amid rumors the head of the central bank could be fired.
Iran is facing a growing economic and social crisis brought on by Western sanctions, intended to target the banking and oil sectors.
The rial has been further hurt by stalled U.N. talks over its nuclear program and heightened political tensions, as well as what some analysts say is the mismanagement of the economy by the government.
- You don't need to be Muslim to practice? Why Goldman Sachs' sukuk sales worked so swell this around
- Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?
- An economic slowdown? The pros and cons of Israel's weakening shekel
- A spectacle of $8 trillion and more: what's the MENA Investment Conference in London all about?
- An odd dynamic? Saudi using desert to emulate Chinese model and attract Chinese investors