Iran’s Currency Continues To Collapse

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Iranian and U.S. banknotes are on display at a currency exchange shop in downtown Tehran, April 4, 2015

Radio Farda: Rial at its Lowest Against Dollar, Again

The Iranian rial fell to a record low against the U.S. dollar on Saturday as the Islamic Republic’s economy struggles with the COVID-19 pandemic and U.S. sanctions.

Several media outlets and Telegram channels allocated to forex news in Iran reported that the dollar’s price in the Tehran foreign exchange market again reached the record level of 260,000 rials.

This is the second time in the last two months that the dollar’s rate reached 260,000 rials. Earlier, on July 19, the dollar exchange rate in the Tehran foreign exchange market also soared to 260,000 tomans for a few hours.

During the past months, along with severe exchange rate fluctuations in the local market, the Central Bank of Iran (CBI) has tried to prevent further rises in the dollar’s rate and sharp changes by injecting a limited amount of hard currencies into the market.

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WNU Editor: Just when you think Iran’s currency cannot get any lower …. it gets lower. And with oil prices continue to crater, it looks like Iran’s financial and economic crisis will continue. Sanctions or no sanctions.