Iran rial hits all-time dollar low



AGENCE FRANCE PRESSE

Published — Sunday 3 February 2013

Last update 3 February 2013 11:42 am

| نسخة PDF Print News | A A

TEHRAN: Iran's currency plummeted to an all-time low yesterday, registering a more than 21-percent drop in a span of two weeks against the US dollar, currency tracking websites and money changers said.
The rial was traded at between 39,000 and 40,000 per dollar on the open market yesterday, down from about 33,000 two weeks ago, according to money changers contacted by AFP.
It had briefly dropped in late January to 37,000 per dollar amid rumors that central bank head Mahmoud Bahmani could be sacked because of his failure to shore up the rial.
The devaluation comes with Iran facing a growing shortage of foreign cash because of international sanctions against its central bank and vital oil sector over its disputed nuclear program.
Uncertainty over stalled negotiations with the UN's atomic watchdog agency and world powers over the nuclear standoff has added to controversy over the rial, according to local media.
The currency was traded at 12,000 in late 2011, prior to the introduction of tough Western sanctions on Iran's oil and banking sectors.
The official dollar rate in Iran has been fixed for several months at 12,260 rials, but is reserved for official government business. Parallel to the open market, another rate of 24,550 rials is reserved for a few companies importing food or other goods judged essential.
The government, meanwhile, has promised to take measures to support the rial but so far there has been no sign of the pressure on Iran's currency easing.

What's happening around Saudi Arabia

JEDDAH: Eight million people visited the Grand Mosque in the first 10 days of Ramadan, a 49 percent increase from last year, the Haj and Umrah Directorate said recently.Salah Saqr, director of the directorate, said the transport plan was approved and...
JEDDAH: The government has installed 5,000 high-definition cameras on all floors and courtyards of the Grand Mosque to ensure security and crowd control.These cameras are monitored 24 hours a day by officers at a control center in Mina. They have to...
GENEVA: Saudi Arabia has welcomed the report of the International Fact Finding Commission on Israeli aggression in Gaza and has lauded its effort to prepare the report despite noncooperation from Israel which did not allow the committee to do its wor...
JEDDAH: Several Yemenis have praised the government for correcting their status quickly, which created no extra burden while fasting.Many who gathered in front of the Passport Department in Asir said everything was in place for them, a local newspape...
RIYADH: The $11.6 billion King Abdullah Financial District (KAFD) is already being admired for being a smart city but nobody can tell when it will be completed.“Being a smart city, everything is state-of-the-art. There is seamless Internet access and...
RIYADH: In a new move, the Ministry of Health will conduct drug tests on all drivers ferrying pilgrims between Makkah and Madinah during the Haj season.The decision was taken at a Haj preparatory meeting held on Sunday under the chairmanship of Imad...
JEDDAH: Motorbikes are among the most important means of transportation in Makkah during Ramadan because they are easy to use and cope easily with congestion in the central area next to the Grand Mosque. Despite the presence of public transportation,...
JEDDAH: A local man here runs a business started 150 years ago by his grandfather making sought-after Hijazi sweets for Eid and other festivals.Samer Jastaniah, 35, has three family shops making these products. “I am the grandson of the doyen of swee...
RIYADH: Saudi students have won six medals — a gold, a silver and four bronze — at the 19th Junior Balkan Mathematical Olympiad (JBMO 2015), securing the fifth place for the nation, as against 13th in its first participation in 2013.Rinad Abu-Jamal f...
Ambassador of Belgium Geert Criel:— Which particular aspect of Saudi Arabia you like the most? The friendliness of its people.— What is your favorite and oft-repeated Arabic word? Ahlan wa Sahlan.— Which book is by your bedside these days? World Orde...
AL-AHSA: Saudi farmers here need more support to buy fertilizers, medicines and equipment, and market their products.This is the view of Ahmed Al-Musalmi, who recently won the country’s ‘Ideal Farmer Award.’ He said high production costs and low mark...
JEDDAH: The Commission of the Promotion of Virtue and Prevention of Vice (Haia) has launched 20 initiatives aimed at improving the professionalism of employees and limiting individual interpretations and actions while carrying out duties.Sheikh Abdul...
RIYADH: Medical studies and research for new methods in the treatment of chronic diseases suggests that fasting could help combat cancer and boost effectiveness of treatment.Scientists doing research on the positive aspects of fasting discovered that...
RIYADH: The Ministry of Education has announced that Saudi universities would accept 95 percent of high school graduates, despite a royal decree four years ago setting a ceiling of 70 percent.The royal decree had approved the “Afaq Project,” a strate...
JEDDAH: With the first stages of the municipal elections set to launch in Dhul Qadah, various organizations and institutions are responding to the intensifying “election fever” by trying to get in on the action and making a strong presence on the sce...

Stay Connected

Facebook