Iranians trade money at an currency exchange office in a shopping centre in Tehran on December 28, 2016
AFP: Iran currency hits record low, crashing through 50,000 mark
The Iranian rial fell to a record-low on Monday, breaking through the 50,000-to-the-dollar mark for the first time, with analysts blaming uncertainty stemming from Washington.
The rial has lost around a quarter of its value in the past six months to reach 50,860 against the US dollar according to the Financial Information Market, a trusted website for fluctuations on the open market.
The gap with the official rate, which stood at 37,686 on Monday, has continued to widen.
Iran's government took drastic measures last month to stem the decline in the free market rate, arresting foreign exchange dealers, freezing speculators' accounts and raising interest rates, as well as buying up millions of dollars in a bid to lower the price.
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Previous Post: Iran Rattled By Its Currency Devaluation (February 17, 2018)
WNU Editor: Countries that experience such a dramatic decline in their currency always experience inflation/high prices followed by social unrest. I am sure that the leadership in Iran are aware of this, and are preparing for the worse.
