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Payvand Iran News ...
12/24/12 Bookmark and Share
Iran's Currency Rial Tumbles Once Again

Source: Radio Zamaneh

The Iranian currency has plunged against the dollar once more, reaching 33,500 rials to the dollar. That constitutes a fall of 3,000 rials since last Monday.

The rial had been given some stability through a number of government actions like establishing an exchange bureau and other policies.

The government has blamed international sanctions and "economic saboteurs" for the fluctuations in the currency market, but government critics have also blamed the government for mismanagement of the situation.

International sanctions have reduced Iran's oil revenues and foreign currency income; however, government critics say the government has deliberately avoided controlling the situation in order to profit from the high rate of exchange in the open market.

The government is also being accused of mismanaging the allotment of subsidized foreign currency to necessary sectors. A shortage of medicine has been partly blamed on the government's failure to provide the necessary subsidized dollars in addition to the international sanctions.

... Payvand News - 12/24/12 ... --


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