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Foreign currencies getting cheaper for Iranian traders


Source: Radio Zamaneh

Iranian currency traders are noting a fall in the exchange rate for the dollar against Iran's national currency, the rial. ISNA reports that the dollar was traded below 30,000 rials on the open market on Monday October 21, and similar declines were also registered with other foreign currencies.

President Rohani's VP Eshaq Jahangiri promising to stabilize the currency situation

The last registered rate was 29,970 rials, which is 3,050 rials less than the rate on Sunday.

The rial has lost a significant amount of its value against foreign currencies in the past two years. However, currency market fluctuations have been easing with the arrival of the new Iranian administration, its diplomatic efforts abroad and its determined steps to ease international sanctions against the country.

The U.S. has so far refrained from imposing new sanctions on Iran, and there have been some reports that it is considering letting Iran have access to some of its frozen assets abroad.

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