Arab Today, arab today iran currency tumbles 17 to new low
Last Updated : GMT 08:42:57
Arab Today, arab today
Arab Today, arab today

Iran currency tumbles 17% to new low

Arab Today, arab today

Arab Today, arab today Iran currency tumbles 17% to new low

Tehran - AFP

Iran\'s currency plummeted around 17 percent in trading on Monday, according to media and an online exchange website, severely adding to strains on the Islamic republic\'s sanctions-hit economy. The currency, the rial, weakened to 34,500 to the dollar by the end of the day\'s trading, according to the Mesghal.com website, a drop of 16.6 percent compared to the previous day\'s rate of 29,600. The Mehr news agency said the rial fell 18 percent to 35,000. The rial has lost more than 80 percent of its value compared with the end of last year, when it was worth 13,000 to the dollar. Visitors to the money-changing area in central Tehran said registered dealers were no longer selling dollars in their shops, leaving the market to informal traders in the street -- a situation resulting in dollars becoming scarce and thus much more expensive. Iran is suffering heightened geopolitical tensions over its nuclear programme and the effects of draconian Western economic sanctions curbing access to its reduced oil exports. It also is burdened with high inflation and rising unemployment. The rial\'s plunge on Monday was largely censored online. Websites that usually give real-time currency data, such as Mazanex.com, had the dollar rate for the rial blanked out. The Iranian-hosted version of Mesghal (mesghal.ir) disappeared half-way through the day to be replaced with the message \"Account Suspended\". The fall sent a shock through Iranian companies. \"It\'s a disaster,\" a manager of a business in Iran\'s import sector told AFP on condition of anonymity. \"One business lady was really crying, she was losing millions of dollars.\" The Fars news agency said money changers in Tehran were hoarding dollars. \"We do not know what will happen in the coming days, we do not know what the government will do,\" it quoted one money changer saying. The official news agency IRNA quoted a spokesman for Iran\'s money changers\' association, Nosrat Ezzati, as saying the latest rates for the rial \"are artificial as no real exchange is happening in the market.\" While Western sanctions curbing Iran\'s ability to export oil or to make financial transactions abroad were certainly having an impact, blame for the situation was also being put on economic mismanagement. The government has in recent weeks excluded almost all importers from buying dollars at its official rate of 12,260 rials per dollar, encouraging them instead to use a new \"exchange centre\" where the rate was fixed daily at a small discount to the open-market rate. That has sharply increased consumer prices and spurred the rial\'s fall. \"This centre has helped accelerate the soaring dollar rate,\" one economics columnist, Hirad Hatami, told AFP. But he stressed \"there is also the issue of speculation... this is a bubble which is rooted in the operation of the exchange centre.\" Mahmoud Bahmani, the head of Iran\'s central bank, was quoted by the ISNA news agency as predicting: \"The effects of the foreign exchange trading centre will gradually emerge in the free exchange prices.\" Ordinary Iranians are increasingly struggling with the resulting inflation, which was officially put at 23 percent even before the latest plunge of the rial. \"Prices are rising every day and it just doesn\'t stop,\" said Khosro, a retiree who gave only his first name. He was forced to work as a taxi driver to boost his diminishing pension, he said. Even locally made products were becoming more costly in Iran\'s supermarkets. \"The price of my toothpaste, a foreign brand, has tripled in just a few months. Now, I\'m buying an Iranian one, but it has also nearly doubled in price,\" said Maryam, a young shopper.

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*

Arab Today, arab today iran currency tumbles 17 to new low Arab Today, arab today iran currency tumbles 17 to new low

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 03:11 2017 Saturday ,25 February

50 Tunisian exhibitors at Gulfood 2017, Dubai

GMT 02:19 2017 Saturday ,25 February

SIEL expo, March 1-4

GMT 12:30 2017 Friday ,24 February

Norway's Telenor to leave Indian telecom market

GMT 10:17 2017 Friday ,24 February

Dow stands out as global stocks tread water

GMT 16:11 2017 Thursday ,23 February

Bahrain Bourse daily trading report

GMT 16:08 2017 Thursday ,23 February

BHB holds VAT seminar
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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