The Iranian rial fell to an all-time low in Iran’s unregulated, open market on Monday as protests against the government continued and hopes of reviving the nuclear deal remained slim. The rial fell to an average of IRR367,500 to the US dollar, IRR367,050 to the Euro and IRR421,700 and to the pound according to two exchange shops in the capital Tehran and local websites monitoring foreign currency prices. The rial has lost more than 40% against the dollar since August 2021. The catalyst was ultraconservative cleric Ebrahim Raisi, who had pledged to rein in a turbulent currency market, was sworn in as Iran’s new president.
The Central Bank of Iran (CBI) in response issued a directive banning in-person sales of foreign currencies in bureaux de change, Tehran Bazaar social media channel reported on November 7. Foreign currency buyers now need to go to website my.ice.ir. Then register their request for currency and await permission from a CBI official. Only with the permission, can the buyer approach a currency trader.
Foreign exchange traders in Tehran seethe collapse of the rial go much lower amid economic and political tensions caused by the unrest that has swept Iran in the past seven weeks. Additionally fading hopes that talks for a revival of the 2015 nuclear deal, which would bring about the lifting of US sanctions, could soon get back on track.
Source: MSN
From The TradersCommunity News Desk