Record decline in Iran’s currency, rial crosses 450,000 against dollar

Record decline in Iran’s currency, rial crosses 450,000 against dollar


Iran Currency Fall Down: Iran’s currency has reached a record low level so far amid growing tension with Western countries and unrest in the country. As soon as the market opened in Iran on Sunday (January 22), the US dollar crossed the level of 450,000 riyals for the first time. The former Central Bank of Iran governor, Ali Salehabadi, was sacked in late December after the rial’s previous sharp fall in the currency’s value saw it depreciate more than 440,000 against the greenback on the open market.

After the ouster of Iran’s governor, Mohammad Reza Farzin, promised to cap the currency’s rate at 285,000 rials against the dollar in an attempt to stabilize prices during a 40 percent inflation rate.

the new governor promised

Iran’s new governor Farzin said on Saturday (January 21), “Today the central bank does not set any limits on currency and gold reserves, and the main reason for currency fluctuations is media propaganda and psychological operations in society.” As soon as on Saturday (January 21), Riyal once again went into freefall. The central bank then claimed that 300 million euros ($326 million) of Iranian money in Iraq had been received and invested in the market despite US sanctions.

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Central bank will increase the exchange limit

On Sunday, the central bank said it could soon raise the maximum amount of currency it can sell annually from 2,000 euros ($2,176) to 5,000 euros ($5,439) to show it has no shortage of currency. The cap was introduced after the US unilaterally abandoned the 2015 Iran nuclear deal with world powers in 2018 and triggered a new currency crisis in Iran after imposing harsh sanctions. On the other hand, to combat currency devaluation, Iran’s police force has periodically announced the arrest of dozens of currency speculators in recent months.

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