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Iran's currency fluctuations continues

According to khabar online news site, Iran's currency fluctuations continues. Today, rial was being traded 14800 for a dollar in the morning. However, by noon the rate had increased to 1550.


The recent flurry of sanctions against Iran, and the targeting of Iran's Central Bank by U.S. and European allies, are being mentioned as the factors negatively impacting Iran's currency.

The graph below shows rial to dollar exchange rate during the December 21-26 period rate.


As the below graph shows, the price of Iran's "Bahar Azadi" gold coin has been taking a similar ride to that of rial's.


Mehr News Agency reported today that Iranian President Mahmoud Ahmadinejad has ordered Mahmoud Bahmani, the Central Bank Chief, to immediately bring the currency situation under control.

Source: Mehr News Agency

In 1979, 1 rial equaled $0.0141. The value of Iran's currency declined precipitously after the Islamic revolution because of capital flight from the country. In July 1999, 9430 rials amounted to one dollar. However, the value of the rial had become more stable since 1999, as the economy of Iran was growing rapidly and away from the dollar zone.

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