Zamaneh Media
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights
No Result
View All Result
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights
No Result
View All Result
Zamaneh Media
No Result
View All Result

Iranian currency hits record low

by Zamaneh Media
September 9, 2012
in Latest Articles
Reading Time: 2 mins read
0
Iranian currency hits record low

The Iranian currency hit a record low on September 9 with street traders offering the dollar at 24,430 rials.

According to ISNA, only yesterday the rate was at 22,280 rials to a dollar.

The Associated Press reported a seven-percent fall in the Iranian currency market, saying the decline was symptomatic of the Western sanctions against the Islamic Republic.

Meanwhile, the head of Iran’s Central Bank, Mahmoud Bahmani, said last week that the currency will rise to 15,000 rials for the dollar.

Bahmani said, however, that while the Central Bank cannot keep the value of foreign currency exchange down, it can influence it. He claimed that Iran’s foreign currency reserves have risen by 211 percent in recent years, achieving a liquidity of 3,875 billion rials.

The rial began its freefall last December, when international sanctions were laid against Iran’s financial sector.

The government has tried to control the rate by injecting the market with foreign currencies and had some success earlier pushing the dollar below 20,000 rials. However, as further sanctions on Iranian oil and the insuring of Iranian oil shipments have kicked in, the currency market has once again become tempestuous.

The Central Bank still holds to the rate of 12,260 rials to the dollar, which is offered for special purposes such as importing food and medicine.

Ahmad Tavakoli, an Iranian MP and critic of the Ahmadinejad administration, accused the government on Sunday in Parliament of stopping flow of foreign currency into the market.

“In the past two weeks, the Central Bank has stopped providing foreign currency for the market, and this has delivered 11 billion toumans (110 billion rials) from the pockets of our people into specific pockets,” Tavakoli said, according to ISNA.

Related Posts

“When the statues are toppled, the city will be ours!”
Latest Articles

“When the statues are toppled, the city will be ours!”

September 21, 2023
Woman, Life, Freedom: The Chronicle of an Uprising That Shook Iran
Latest Articles

Woman, Life, Freedom: The Chronicle of an Uprising That Shook Iran

September 16, 2023
Cartoon of the Week: Freedom of Speech in Iran
Latest Articles

Cartoon of the Week: Freedom of Speech in Iran

September 7, 2023
The Shape of Borders to Come: On the EU and Tunisia Immigration Deal
Latest Articles

The Shape of Borders to Come: On the EU and Tunisia Immigration Deal

August 28, 2023
Labor Protests Continue in Iran Despite Suppression: Download Zamaneh’s  Quarterly Report
Latest Articles

Labor Protests Continue in Iran Despite Suppression: Download Zamaneh’s  Quarterly Report

August 5, 2023
The Iranian Prisons are Brutal for Queer and Trans Individuals: Five Eyewitness Accounts
Latest Articles

The Iranian Prisons are Brutal for Queer and Trans Individuals: Five Eyewitness Accounts

July 30, 2023

RSS Iran in Other Media

  • Iran says it has successfully launched an imaging satellite into orbit amid tensions with the West - The Associated Press September 27, 2023
  • Israel says Iran recruited Palestinians for hits on Ben Gvir, ex-MK Glick - The Times of Israel September 27, 2023
  • Iran Shows No Signs of 'De-Escalation' - The Dispatch September 27, 2023
  • Iran's Rezaei Claims Bronze in Taekwondo at Hangzhou - Sports ... - Tasnim News Agency September 27, 2023
  • Iran Says It Has Successfully Launched an Imaging Satellite into Orbit Amid Tensions with the West - Military.com September 27, 2023
  • Israel foils Iran terror plot to 'assassinate' Ben-Gvir - Shin Bet - The Jerusalem Post September 27, 2023
  • Dust in Western Iran: the emergence of new sources in response to ... - Nature.com September 27, 2023
  • Bipartisan group of senators urges European allies to push U.N. on ... - Jewish Insider September 27, 2023
  • Iran: Crackdown on women's rights fuels female brain drain - DW (English) September 27, 2023
  • Iran Sympathizes with Iraq over Tragic Wedding Fire in Nineveh - Tasnim News Agency September 27, 2023
  • Iran 3x3 Basketball Defeats Japan at Hangzhou - Tasnim News Agency September 27, 2023
  • Iran says it launched Noor 3 satellite into orbit - Reuters September 27, 2023
  • European components fueling Iran`s Kamikaze drones used by Russia against Ukraine: Report - WION September 27, 2023
  • The Armenia-Azerbaijan Conflict Can Change The Balance Of Power In Iran, Turkey, Russia, All The Way To China - Forbes September 27, 2023
  • Iran says it put Noor-3 satellite successfully into orbit amid tensions with West - CNBCTV18 September 27, 2023
  • Tehran accuses Netanyahu of threatening to nuke Iran in his General Assembly speech - The Times of Israel September 27, 2023
  • Iran says it has successfully launched an imaging satellite into orbit ... - The Seattle Times September 27, 2023
  • Iran's state-run news agency says Tehran successfully put an ... - The Journal September 27, 2023
  • IntelBrief: Iran's Strategic Partnership with Russia Continues to Expand - The Soufan Center September 27, 2023
  • Volleyball Wins Iran’s First Gold in 2022 Asian Games - Tasnim News Agency September 27, 2023
Zamaneh Media

© 2020 Zamaneh Media

More information

  • Sponsors
  • Donate
  • About us
  • Contact us
  • Legal

Follow Us

No Result
View All Result
  • Latest Articles
  • Latest News
  • About Zamaneh Media
    • Exiled Media Report
    • Sponsors
    • Donate
    • Vacancies
    • Contact us
    • Legal
  • Advertise
  • Labor Rights

© 2020 Zamaneh Media