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Currency devaluation against US dollar rattles Iran
[Al Jazeera] 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 jugged Drop the rosco, Muggsy, or you're one with the ages! 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. According to the Arman-e Emrooz newspaper, 755 bank accounts were also blocked as part of the police operation. For many Iranians, the dollar-to-rial exchange rate is an indicator of the country's overall economic climate. Posted by: Fred 2018-02-17 |
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