The Iranian Rial plummets against the dollar, also due to the social crisis
Iran's national currency, the Rial, fell to an all-time low against the US dollar following a wave of protests sparked by the death of a young woman in prison.
According to Tehran traders and exchange website Bonbast.com, the Rial was trading at 338,000 against the Dollar, up from 316,000 last week. At the beginning of September, the Rial was at 298,200 against the Dollar.
The currency's weakening escalated after widespread protests over the death of a young woman detained by police for improperly wearing the hijab, along with news of the end of hopes for a revival of the 2015 nuclear deal between Tehran and the world powers. Anger over the death of 22-year-old Mahsa Amini, which took place on September 16, swept the country, with demonstrations in cities across Iran, including that of October 2, when Tehran's security forces cracked down on hundreds of university students. overnight.
Iran has repeatedly accused external forces of fomenting the protests and last week stated that nine foreign nationals, including French, German, Italian, Dutch and Polish citizens, were arrested.
When the 2015 nuclear deal was signed with world powers, it took 32 Rials to buy one dollar. The agreement granted Tehran an easing of financial sanctions in exchange for a limitation of its nuclear program.
The deal collapsed in 2018 when then-US President Donald Trump withdrew from the deal and re-imposed crippling sanctions that hit Iran's economy and currency. After Washington's withdrawal, Iran began violating some of the pact's nuclear limitations by saying they could no longer be enforced, but that didn't help its economy recover.
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The article The Iranian Rial plummets against the dollar, also due to the social crisis comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/il-rial-iraniano-precipita-nei-confronti-del-dollaro-anche-per-la-crisi-sociale/ on Wed, 05 Oct 2022 06:00:16 +0000.