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.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects