Iran's currency hits record low against US dollar

[sammuel]

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Iran's currency hits record low against US dollar


Iran's currency has hit its lowest-ever value against the US dollar. This is reportedly due to Washington's economic sanctions against Tehran and the coronavirus outbreak.

As of Saturday, one dollar fetched more than 190,000 Iranian rials.

State-run media says Iran's revenue from crude oil exports remains frozen overseas, because of US sanctions. They add the coronavirus epidemic has also weakened Iran's economy.

The rial's value is now roughly a quarter of what it was at the start of 2018. Later in the year, the US withdrew from the 2015 nuclear deal aimed at curbing Tehran's nuclear program. The administration of President Donald Trump also re-imposed sanctions against Iran.

In September of 2018, Iran's currency hit its previous lowest value.

The International Monetary Fund calculates that Iran's economy shrank 7.6 percent last year. It also expects the country's inflation rate to reach 34.2 percent this year.

Analysts say inflation in Iran may accelerate further and put more financial strain on people's lives.

https://www3.nhk.or.jp/nhkworld/en/news/20200622_01/

 

[GWXP]

When country devalues its currency it reduces imports, stimulates import-substitution and domestic production and makes non-oil exports more competitive

High inflation is good for those who have taken loans and bad for those who gave those loans. Anyway High inflation-rate tends to reduce the real value of debt load within the economy---US Federal Reserve boosted inflation in 1970s in order to reduce real debt load in the economy.

 

[Pandora]

Wow here bunch of patwaris and followers of billy khusra whine 24/7 about how IK ruined us with devaluation. Someone should show them these figures.

 

[Cthulhu]

As of Saturday, one dollar fetched more than 190,000 Iranian rials.

The rial hit its lowest 3 years ago, a dollar for 240000 rials, then it recovered, So what these retards are talking about here?

 

[Armchair]

Attacking the Iranian currency should help with an economic collapse. The US should and probably is working on this. This should be a prelude to defanging Iran properly. Enough terror export from this location, someone needs to put an end to the chaos and mayhem being spread by Iran.

 

[Beast]

The rial hit its lowest 3 years ago, a dollar for 240000 rials, then it recovered, So what these retards are talking about here?

Has Iran accept all trade with China in rmb dollar(Yuan)?

 

[Cthulhu]

Has Iran accept all trade with China in rmb dollar(Yuan)?

I don't know.