Al Jazeera: Currency devaluation against US dollar rattles Iran
Tehran, Iran - Iran has introduced new monetary measures to halt the devaluation of the country's currency, a move seen as a setback to President Hassan Rouhani's efforts to bring investment and create more jobs following a 2015 nuclear deal.
The rial has been on a downward spiral, falling to an all-time low against the US dollar on Wednesday, when it traded for 50,000 rials, 30 percent higher than its value in August 2017.
But the rial posted a slight rebound later in the day, when police arrested black-market currency dealers, shut down a number of exchange offices and blocked hundreds of bank accounts owned by major currency traders, local media reported.
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WNU Editor: The Iranian government should be rattled. This massive devaluation impacts everyone in Iran, and not in a good way.
2 comments:
Just wait for them blaming the US and Israel about this. ...3..2...1...
Iran is looking more like Venezuela with every economic cycle.
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