End Times and Current Events

General Category => Middle East => Topic started by: Psalm 51:17 on January 23, 2012, 11:06:21 am

Title: Iran currency tumbles to new record low
Post by: Psalm 51:17 on January 23, 2012, 11:06:21 am


Iran currency tumbles to new record low

The Iranian currency, the rial, tumbled Monday in blackmarket trading to a new record low against the dollar, news agencies said, as the EU moved to impose an oil embargo and fresh sanctions on Tehran.
The unofficial rate in central Tehran was around 20,500 rials for the greenback, the official IRNA news agency reported.
The rate showed a 12-percent rise for the US currency since last Wednesday when it was changing hands at 18,000 rials on the blackmarket.
The Tehran government has tried to shore up the rial by imposing a lower rate in banks and currency exchange bureaux, while also banning transactions outside of such outlets, leading to the blackmarket operations.