The Iranian rial plunged to a new low against the US dollar on Monday in what economists said was a slump partly induced by the Middle East's deadliest coronavirus outbreak.
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◢ Iran isn’t facing a Venezuela-style collapse, but renewed U.S. sanctions have slashed oil revenue, battered the rial and pushed prices beyond the reach of many. Shortages, in meat, medicine, even gasoline in some regions, are spreading; proof, say hardline conservatives, that President Hassan Rouhani’s engagement with the West has failed.
◢ Iran's intelligence ministry said Monday it had arrested 11 "economic disruptors" who misappropriated some USD 400 million earmarked for essential goods and smuggled the money out of the country. Authorities have been cracking down on those seeking to exploit the collapsing rial, which has lost around half its value against the dollar this year, in part due to the return of US sanctions.
◢ The Iranian rial hit another all-time low against the US dollar on Monday in spite of central bank efforts to stem the decline. The rial has lost around 15 percent of its value on the open market in the past three days, bottoming at 128,500 to the dollar by Monday evening, according to Bonbast.com, which monitors Iran's rates.
◢ Iran gave its most explicit rejection yet of talks with the United States on Saturday, and accused Washington of an "addiction to sanctions" over its latest spat with Turkey. The US reimposed harsh sanctions on Iran on Tuesday following its May withdrawal from a landmark 2015 nuclear agreement, dealing a heavy blow to the already troubled economy. US President Donald Trump has offered talks on a "more comprehensive deal" but Iran has baulked at negotiating under the pressure of sanctions and has instead leant on its increasingly close ties with fellow US sanctions targets Turkey and Russia.
◢ With its currency plummeting ahead of the reimposition of US sanctions, Iran has responded with dozens of arrests and claims of an enemy conspiracy, but also signs of a push to confront corruption. The Iranian rial has lost almost two-thirds of its value since the start of the year, and 20 percent in just two days since the weekend, hitting a record-low of 119,000 to the dollar.
◢ Iran's currency hit a record low on Sunday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full US sanctions. The unofficial rate stood at 102,000 rials by midday, according to Bonbast, one of the most reliable sites for tracking the Iranian currency. The rate was confirmed by a trader who spoke on condition of anonymity to AFP.
◢ Traders in the Iranian capital's Grand Bazaar held a rare protest strike Monday against the collapse of the rial on the foreign exchange market as demonstrators also took to the streets. At a crossroads in central Tehran, police fired tear gas at dozens of youths shouting slogans and throwing stones, an AFP photographer said.
◢ Confused and frustrated Iranians flocked to exchange offices on Tuesday after the government fixed a new rate for the dollar, only to find there were none to buy. Some predict the exchangers will find ways to fiddle the system to get round the new fixed rate, even though Vice-President Eshagh Jahangiri warned this would be considered smuggling.
◢ Iran's currency fell more than six percent against the dollar on Sunday, hitting another record-low, as fears of a US withdrawal from the nuclear deal continued to drive speculation. The rial reached 55,200 to the dollar at the close on the open market—a drop of nearly a third in the past six months.
◢ 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.
