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Currency in Iran plunges to historic low amid protests

2022-11-05T21:00:27.144Z


Iran: Economic crisis due to protests - currency at historic low Created: 05/11/2022, 21:44 By: Nadja Austel Iran's rial records new lows after an unstable year of ongoing demonstrations. (symbol image) © rtr Iran's rial records new lows after an unstable year of ongoing demonstrations. The central bank is trying to calm the market. Tehran - Iran's contested national currency has hit a new hi


Iran: Economic crisis due to protests - currency at historic low

Created: 05/11/2022, 21:44

By: Nadja Austel

Iran's rial records new lows after an unstable year of ongoing demonstrations.

(symbol image) © rtr

Iran's rial records new lows after an unstable year of ongoing demonstrations.

The central bank is trying to calm the market.

Tehran - Iran's contested national currency has hit a new historic low amid ongoing protests.

The lack of progress in efforts to resume the 2015 nuclear deal with world powers is also weighing on Iran's currency.

According to

Aljazeera

, the US dollar exchange rate broke through the 350,000 euro mark against the Iranian rial for the first time this Saturday.

It continued to slide, falling to around 362,000 per dollar over the course of the day.

However, the Iranian government is still sticking to a significantly lower artificial rate of 42,000 riyals per dollar as the official figure.

Iran: A lack of negotiations in the nuclear agreement also favors the currency low

After nationwide protests erupted in Iran, the currency is on a downward trend.

The stalled negotiations on the nuclear deal with world powers also significantly affected the value of the rial.

When the nuclear deal was signed in 2015, it was worth more than 10 times what it is today,

Aljazeera

reports .

Central Bank of Iran (CBI) Governor Ali Salehabadi has tried to calm the market,

Aljazeera

said .

He claimed that the supply of foreign exchange far exceeded demand.

In addition, the central bank has large currency reserves.

The Iranian currency's recent depreciation comes amid ongoing economic woes and a sustained annual inflation rate of more than 40 percent, among the highest in the world.

Iran – 314 people are said to have been killed in protests

According to estimates by human rights organizations, at least 314 people have been killed in the ongoing nationwide protests in Iran.

The US-based organization Human Rights Activists News Agency (HRANA) reported that 47 minors and 38 security forces were among the dead.

More than 14,000 people were also arrested.

The protests have covered more than 130 cities in the country since the beginning of mid-September.

The trigger for the mass protests in Iran was the death of 22-year-old Iranian Kurd Mahsa Amini.

The moral police had arrested her because she allegedly did not comply with the mandatory rules for wearing a headscarf.

The woman died in police custody on September 16.

Since her death, thousands have been demonstrating across the country against the government's repressive course and the Islamic system of rule.

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Iran: Sanctions are to follow German solidarity with protesters

SPD leader Lars Klingbeil has called for "very clear" sanctions against Iran.

He explained that after showing solidarity with the protesters, there must also be consequences.

"I am firmly convinced that in the end these protests in Iran, which are currently taking place, can really turn this country upside down," said Klingbeil.

"Then there must be sharpened again in terms of sanctions against the Iranian regime and against everyone who bears responsibility there," said Klingbeil at the SPD debate convention in Berlin.

"It starts with things like visa issues, that visas can no longer be issued there, to the freezing of funds and really political sanctions." A corresponding request from the party executive should be decided.

(na/dpa)

Source: merkur

All news articles on 2022-11-05

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