Iranian
rial record a record decline by 6%, reaching about 28,600 against the
dollar in transactions open Saturday to increase the sales process has
been going on a month, according to the exchange rate monitoring sites.
And that the new price drops dramatically for rial Thursday, the last day of weekly trading, while the 26900 to the dollar.
This landing points plus the surge in the price of gold in Iran, to Iranian families and businesses rush to convert their money into dollars and other foreign currencies and buying precious metals because of economic instability.
The rial has lost more than 60% of its value since the end of last year due to the impact of Western economic sanctions extremes. This led to high inflation mainly to significant levels, as food prices rose to more than 50%.
In the past two months has increased speculation about an Israeli strike against Iran with the help of the United States or without help.
Predicted Governor of the Central Bank of Iran Mahmoud Bahmani Saturday that falling rial will stop when the market realizes that the country "has enough hard currency reserves."
It is estimated that foreign currency reserves in Iran last year amounted to 100 billion dollars due to record-high exports of oil prices.
This week Iran opened "currency exchange center" to arrange an informal exchange of currency in order to circumvent U.S. financial sanctions, which limit their ability to enter the money to Iran.
And that the new price drops dramatically for rial Thursday, the last day of weekly trading, while the 26900 to the dollar.
This landing points plus the surge in the price of gold in Iran, to Iranian families and businesses rush to convert their money into dollars and other foreign currencies and buying precious metals because of economic instability.
The rial has lost more than 60% of its value since the end of last year due to the impact of Western economic sanctions extremes. This led to high inflation mainly to significant levels, as food prices rose to more than 50%.
In the past two months has increased speculation about an Israeli strike against Iran with the help of the United States or without help.
Predicted Governor of the Central Bank of Iran Mahmoud Bahmani Saturday that falling rial will stop when the market realizes that the country "has enough hard currency reserves."
It is estimated that foreign currency reserves in Iran last year amounted to 100 billion dollars due to record-high exports of oil prices.
This week Iran opened "currency exchange center" to arrange an informal exchange of currency in order to circumvent U.S. financial sanctions, which limit their ability to enter the money to Iran.