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08/06/12

Iran's Currency Drops To All Time Low

In Sunday's open market trading in Tehran, Iran's currency hit an all time low. According to Mehr News Agency, rial traded at 20,450 for a dollar. Meanwhile Mahmoud Bahmani, head of Central Bank of Iran, told reporters that a single-rate currency will be established within 10 days. Currently the official exchange rate for dollar is set at 12,260 rials by Iran's Central Bank.


Currency exchange shops in Tehran

The recent flurry of sanctions announced against Iran by U.S. and European allies, which for the first time target Iran's Central Bank, is being credited as the main reason for Iran's currency coming under pressure.

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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