iran devalues official rial rate by more than half
Last Updated : GMT 14:01:22
Arab Today, arab today
Arab Today, arab today

Western sanctions take their toll

Iran devalues official rial rate by more than half

Arab Today, arab today

Arab Today, arab today Iran devalues official rial rate by more than half

Iranian woman pays with a 20000 rial banknote in Tehran
Tehran - Arab Today

Iranian woman pays with a 20000 rial banknote in Tehran Iran\'s central bank on Saturday drastically devalued the national currency\'s fixed subsidised rate against the dollar, as the Islamic republic struggles to shore up its faltering economy.
The rial has lost more than two thirds of its value on the open market since early 2012, when the United States and the European Union imposed harsh economic sanctions curbing Iran\'s ability to export oil and conduct financial transactions.
The central bank on Saturday was selling one US dollar for 24,779 rials at the subsidised rate available only to select importers to procure basic commodities and medicine, according to the bank\'s website at http://cbi.ir
That rate was a 102-percent increase from 12,260 rials for one dollar that had been kept artificially low since January 2012.
The new \"reference\" rate is still far stronger than the dollar available to ordinary buyers and travellers at the unofficial open market, which was 33,200 rials per dollar at midday.
By increasing the so-called reference rate, the central bank scrapped its rate used at an \"exchange centre\" that put goods importers in contact with exporters to exchange funds at a rate of around 25,000 to the dollar.
The exchange centre, launched late last September, had managed to control the rial\'s free fall amid increasing international pressure on Iran.
Suspecting Iran\'s nuclear programme has military objectives, Western powers have reinforced a raft of economic sanctions aimed at coercing it into cutting back on uranium enrichment despite Tehran\'s insistence its atomic ambitions are peaceful.
The sanctions have cost the country billions in vital oil revenues and left it struggling with a shrinking economy, raging inflation and high unemployment.
Saturday\'s development came after days of media reports and official denials about pending changes on the official currency market.
According to reports, the budget for the year ending in March 2014 - signed by outgoing President Mahmoud Ahmadinejad in mid-June but the details are not publicised - gave the central bank permission to increase the official exchange rate.
Ahmadinejad\'s critics accuse his government of misusing the now scrapped cheap dollar, and of failing to feed the market with sufficient foreign currency or provide funds earmarked for essential goods including medicines.
The price of medicine has risen sharply in the past year.
In June, the health ministry\'s Shams-Ali Rezazadeh said the price of domestically produced drugs was set to rise by at least 35 percent, while imported medicine would go up by an average of 90 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran devalues official rial rate by more than half iran devalues official rial rate by more than half

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran devalues official rial rate by more than half iran devalues official rial rate by more than half

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday