As Rial Loses Value, Prices of Food, Raw Material and Consumer Goods
Skyrocket
We
reported late Saturday that after-hour trading had driven the exchange value of
the rial to a historic low of 29,000 to the dollar. On Sunday, the rial did indeed
continue its downward spiral and is now selling at 29,350 rials a dollar. The price
of the official gold coin, Bahar-e Azadi,
is also continuing its steep rise, also hitting a historic high of 1,156,000
rials during trading on Sunday.
The
steep decline of Iran’s national currency, the rial, has forced the prices of
food, raw material and consumer goods, largely imported into Iran, to skyrocket
to such heights never seen in the country. Sugar, rice, meat, corn, wheat,
barley, soya, raw materials such as iron, and consumer goods such as
refrigerator, washer and vacuum cleaner are among the products whose prices are
on the rise on daily basis.
The
situation is so dire that some shops are refusing to sell their current
inventory expecting their prices to rise significantly in few days.
UPDATE: Rial is hitting a record low of 30,500 to the dollar in Sunday afternoon trading in Tehran
