Iran News ...


01/07/12

Iranian officials confirm sanctions' bite on economy

Source: Radio Zamaneh

International sanctions have rocked the balance of Iran's currency, says the deputy head of Iran's Industry and Mining Chamber of Commerce.


Tehran’s Chamber of Commerce

ILNA quoted Pedram Soltani as saying: "This level of sanctions is gradually effecting foreign and domestic investment, currency exchange and trade levels, and in the long run it will wear away the national economy."

Soltani admitted that fewer analysts and government officials are still calling the sanctions ineffective.

Three days ago, a spokesman for Iran's Foreign Ministry said sanctions against Iran will only hurt the countries imposing them. He also insisted that the U.S. dollar's rise against the rial was in no way connected to recent sanctions.


Iran's currency has been falling and fluctuating lately

Iran's currency has been in free fall in recent weeks following the announcement of sanctions against Iran's Central Bank.

The head of Iran's Central Bank told Mehr News Agency that it has a new plan to stabilize the rial but he refrained from giving any details.

The official rate for the dollar is set at 1,400 toumans today, and in recent days it has traded as high as 1,800 toumans on the black market. At this same time last year, the dollar was trading at about 1,000 toumans

 

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