Iran’s currency hits lowest value ever against the dollar

Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela to raise money for its cash-starved economy. (AP)
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Updated 20 June 2020

Iran’s currency hits lowest value ever against the dollar

  • US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply

TEHRAN, Iran: Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country.
The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.
The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions over two years ago.
US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.
Last week, Senior Vice President Eshaq Jahangiri said that Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.
Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.
It was a way to bring money into its cash-starved Iran and put its own pressure on the US, which under Trump has pursued maximalist campaigns against both nations.


UK finance minister to provide as much economic support as possible: health minister

Updated 24 September 2020

UK finance minister to provide as much economic support as possible: health minister

LONDON: Britain’s finance minister will provide as much support for jobs as possible when he announces his economic winter plan later on Thursday, said his colleague health minister Matt Hancock.
“What you can be assured of is that we’ll put in as much economic support to help people get through this as feasibly possible,” Hancock told LBC Radio.
“He (the finance minister) has an economic winter plan that he’ll be bringing forward later.”