The Iranian currency rial continued losing value against dollar on Tuesday, with the US dollar traded at 12,720 rials in open exchange markets in Tehran. At this rate, the dollar was being traded at 22 percent above the official rate of 10,660 rials set by the Central Bank of Iran (CBI).
Yesterday, CBI asked commercial banks to start selling dollar at the official rate. But Fars News Agency is reporting today that the banks have generally ignored CBI’s directive and were not offering dollar at that rate.
18 comments:
Iran's currency has been declining for decades in fact it's totally worthless as long as Iran has incompetence ruling the land and pictures of ignorance are printed on it's notes.
Where are the Mullah lovers claiming that sanctions are not hurting and the Iranian economy is STRONG !
By the way what happened to Mr Amir Taheri and his amusing little stories on Friday?
The dollar used to be 75 rials. Now tell that to some of the nitwits that comment on these pages and they come up with all sorts of lame and nonsensical excuses.
When you have a government and a system that is dedicated to rapine Iran to death what do you expect the currency to be worth??!
the decling value is good and bad for iran depends
it means iranians spend less on imports and more from home so dohnt despair
As I know from my Family im Iran
rial Declinig against $
but winnig against Euro
That is only just a temporary point of view of Markets.
these days $ raiding against Euro
but the dollar is also becoming a spent force. It has been declining for a while itself. part of the reason Gold and silver are currently close to all time highs(and still going higher)is because of the devaluation of the dollar. THe dollar USED to be a strong currency,but withe the debt level of the US govt and Fiat currency system in place,the dollar HAS been losing value. Iran has oil and energy and other surplus resources so those will always have true worth.Cash and currency is just one part of wealth. The banking scam definitely hurt the economy too. who knows, could that be linked to the devaluation of the rial??Either way,the whole world seems to be hurtin one way or another.But i hope things improve.
Stranger how do you think Iran receives its money from oil exports?
That's right you guest it through barter deals and how is that done?
That's correct through the import of cheap Chinese Turkish goods which means that Iranian workers being laid off.
And pretty soon the Saudis will pump a few million barrels more oil and put Libya and Iraq into the calculation and it spells trouble.
Stranger,
the steady decline of the currency and the steep reduction in the subsidies mean that a heck of a lot of Iranians are going to be affording neither imports nor much of anything at all.
the IRGC won't suffer though as they have control of more and more of the economy.
It is useful for the export of iri as gaining more profit
What currency??
The post of President might be abolished says Khamenei therefor getting rid of the last vestiges of a so called republic and here by declaring a Caliphate.
Anon 10:26 AM
You asked where are the mullah lovers?
Well my friend the mullah lovers are in hiding with their tails between their legs and resiting their exams in... The art of how to suppress the truth with sheer nonsense.
What currency?
What economy?
What government?
What country?
What religion?
What god?
They are all in it to win it.
Mr. Nader has been "reporting" on "Iran Currency Declining" for years now..If i had a dollar for every one of his claims, I'd be a millionaire by now...
Currencies rise and fall daily all over the world..Which part of that do you not understand???
Slow news day I see...
When we started this blog some four years ago, the exchange rate was around 9,000 rials for each dollar. Today it is around 13,000 rials per dollar, more then 40% devaluation in less than four years. Anon 11:41 AM must be a millionaire by now!
Anon. October 20 11.41 am
The part that you don't seem to understand is that the Iranian Rial has been declining for 32 years now. It has not been falling and rising as "other currencies" !
Anon 11:41 AM
"Which part of that you do not understand"???
Which part of it you don't understand that the currency has declined from 75 rials per dollar to 12720 rials,see the difference?
It's been devalued by nearly 170 times.
Simply put 169.6x75=12720 rials per dollar.
shouldn't take more than a couple of more years to achieve billionaire status.
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