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Iran’s currency starts the week with another decline

Orient Net 2018-08-11 09:08:00

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The Iranian currency started the new Iranian week on Saturday (August 11) with another decline, trading above 10,500 rials to the dollar.

This is another indication that the new foreign currency market policy of the Iranian regime has failed to stop the rapid decline of the rial, Radio Farda reported.

Last week, Hassan Rouhani’s regime reversed its ban on free trading of hard currencies, which had been in place since April and allowed people to buy dollars from forex exchanges.

For a day or two it seemed the dollar would stay under 9,500 rials but soon the demand for the greenback pushed its value to over 10,000 rials. The dollar had closed the week on Thursday at 10,500.

Websites reporting actual, real-time trading showed the dollar briefly reaching as high as 11,000 rials, Saturday morning.

The Iranian currency began it fall late last year and the decline accelerated in March. President Donald Trump’s withdrawal in May from the nuclear deal with Iran signalled impending US sanctions and the rial did not stand a chance to rebound.

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