Iran’s currency hits new record low amid nuclear deal uncertainty – By Maziar Motamedi (Al Jazeera) / June 12, 2022
Iran’s response to the falling currency has been a typical mix of pumping cash and cracking down on speculators.
Tehran, Iran – Iran’s national currency has hit new all-time lows amid developments that have cast doubts about the complete restoration of the nuclear deal and lifting of the United States sanctions.
The rial has fallen to historic lows against the US dollar in recent days, trading at rates close to 330,000 in the open market on Saturday and Sunday, the first two days of the working week in Iran.
These are the embattled currency’s lowest rates since October 2020, when it had fallen past the 320,000 mark following the imposition of new sanctions by the US that signalled the effective severing of the entire Iranian banking sector from the global financial system.
The rial’s new freefall comes after a resolution censuring Iran’s nuclear programme introduced by the US and its European allies was passed by the board of the International Atomic Energy Agency (IAEA) earlier this week.
