Iran’s currency reaches lowest value ever against the dollar

Iran's currency on has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country. (AP)
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Updated 22 June 2020

Iran’s currency reaches lowest value ever against the dollar

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

TEHRAN: Iran’s currency on Monday dropped to its lowest value ever against the dollar and officials warned Iranian exporters to bring their foreign earnings home from abroad.
Money exchange shops briefly traded the Iranian rial 200,000 for a dollar and later in the day, the currency was valued at 198,000 rials against the dollar. The lows were a new record after the rial on Saturday traded at 190,000 for the dollar.
The plunge of the rial comes amid severe US sanctions imposed on Tehran. Iran’s Senior Vice President Eshaq Jahangiri on Monday urged Iranian exporters to bring home their earnings from abroad. Last week, Jahangiri said Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.
The country’s commerce ministry warned that it would revoke export licenses for those who fail to comply and bring the hard currency home while Iran’s central bank said on Sunday that it would publish the names of the violators.
Iranian companies reportedly export non-oil products in the value of more than 40 billion dollars a year, and officials say about half of that money stays abroad.
The rial has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers. The currency unexpectedly rallied for some time after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions on Iran more than two years ago.
The sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.


Jets hit Libya’s Al-Watiya Air Base where Turkey may build base

An image grab taken from a video released on July 3, 2020, by the Turkish Defence Ministry shows Turkish Defense Minister Hulusi Akar (C) greeting Libyan officials upon his arrival in Tripoli. (AFP)
Updated 06 July 2020

Jets hit Libya’s Al-Watiya Air Base where Turkey may build base

  • Turkish support was vital to the GNA in turning back the LNA offensive with advanced air defenses and drone strikes that targeted Khalifa’s supply lines and troop buildups

BENGHAZI: Warplanes struck overnight at an air base that was recently recaptured by Libya’s internationally recognized government from eastern forces with help from Turkey, a military source with the eastern forces and a resident nearby said.
The strikes were carried out by “unknown aircraft,” the military source with the Libyan National Army (LNA) of eastern-based commander Khalifa Haftar said.
A resident at the nearby town of Zintan said explosions were heard from the direction of the base.
Al-Watiya’s recapture in May by the Government of National Accord (GNA) in Tripoli marked the start of a sudden collapse of the LNA’s 14-month assault to seize the capital and its retreat along the coast to the new frontlines.
Turkish support was vital to the GNA in turning back the LNA offensive with advanced air defenses and drone strikes that targeted Khalifa’s supply lines and troop buildups.
A Turkish source said last month that Turkey was in talks with the GNA to establish two bases in Libya, one of them at Watiya, the most important air base in western Libya.
Turkey’s Defense Minister Hulusi Akar was in Tripoli for meetings with the GNA on Friday and Saturday and Akar swore to do all that was necessary to help it, a Turkish Defense Ministry statement said.
Last month, the US said Russia had sent at least 14 MiG29 and Su-24 warplanes to an LNA base via Syria, where their Russian airforce markings were removed.
Turkish involvement in Libya has also angered France and Greece and French Foreign Minister Jean-Yves Le Drian has warned of new sanctions on Ankara.
The GNA and LNA are now mobilizing forces at the new frontlines between the cities of Misrata and Sirte.