Iran’s currency continues to experience a steep fall in value as sanctions tighten on Iranian oil and the country’s financial sector.
The U.S. dollar is trading at almost 20,000 rials, compared to 18,000 rials on Friday. The price of gold in Iran is also rising rapidly, despite gold’s recent decline on international markets.
Sudden fluctuations in Iran’s currency and gold markets have become common in the past year as international sanctions on Iran have become more focused on the country’s main export, and its financial institutions have been boycotted by the European Union and the United States.
The lack of headway in the nuclear negotiations after three rounds of talks appears to have had an additional impact on the Iranian currency market.
In the past 13 months, Iranian currency has lost 80 percent of its value against the U.S. dollar.
Despite these undeniable signs of economic distress, Islamic Republic officials continue to insist that the sanctions have had no effect on Iran’s financial situation.