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| Syria-Lebanon-Iran | |
| Iran faces banking turmoil after US nuclear “deal” exit | |
| 2018-05-10 | |
[Ynet] Iran's currency plummets after US pulls out of nuclear deal and prepares to reimpose sanctions on the Islamic Theocratic Republic, further exasperating the country's poor economic standing. Some Iranians had been cashing in their savings even before US President Donald Trump ...New York real estate developer, described by Dems as illiterate, racist, misogynistic, and what ever other unpleasant descriptions they can think of, elected by the rest of us as 45th President of the United States... ’s announcement he would pull out from the international nuclear deal with Iran, straining a banking system weighed down by bad loans and years of isolation. An official with Iran’s biggest state-owned Melli Bank told Rooters savings had declined by an unspecified amount, although he said this was a temporary phenomenon and that they would recover once the uncertainty over Trump’s decision passed. "When there is political uncertainty, its psychological impact on people causes a drop in savings. But it will pass after Trump’s deadline," the official said before the announcement, declining to be named. Trump said on Tuesday he would quit the deal and impose "the highest level of economic sanctions". A senior Iranian central bank official said conditions within the banking system had deteriorated in the past year, and "we have still not passed the danger zone" but added that the central bank had "all the measures ready to prevent any crisis". Officials with other leading lenders, Saman, Pasargad and Middle East Bank declined to comment. The loss of confidence both reflects and contributes to wider problems threatening pragmatist President Hassan Rouhani in Iran’s faction-ridden holy manal establishment: investment has dried up as banks limit lending, growth is slowing and unemployment is at a record high, exposing Rouhani to growing criticism from hardliners. The rial currency lost close to half of its value in the six months to April in anticipation of a tougher US approach, forcing Tehran to ban domestic foreign exchange transactions and limit foreign currency holdings to $12,000. This failed to stop Iranians trying to buy hard currency on Tuesday, promoting a further slide in the rial, according to a foreign exchange website. "Prices are going up almost every hour," said Ali Rasti, 45, owner of a real estate agency in Tehran. "People are worried and prefer to keep their money at home." A separate Iranian banking official also said Iranians had taken out money. "Fearing a war and more sanctions, many Iranians have withdrawn their cash from banks," he said. Mohammad Reza Pourebrahimi, head of parliament’s economic committee, was quoted by the semi official ISNA news agency in March as saying capital outflows had been $30 billion in recent months. The International Monetary Fund said Iran’s reserves were at nearly $112 billion in 2017/18.
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| Posted by:trailing wife |
| #3 Deterioration of the currency is very serious to a nation that has to import a lot of things, as I understand Iran does. The price of every import increases in exact proportion to the decrease in the value of the currency of the importing country. |
| Posted by: Tom 2018-05-10 11:52 |
| #2 Iran rial to dollar In May 2000, it was about 2000 Rial to Dollar April first 2018 it was about 38,000 to Dollar Yesterday, it was about 42,000 Rial to Dollar |
| Posted by: lord garth 2018-05-10 08:53 |
| #1 36,000 Iranian Rials to the single American dollar? Or is it worse than that? What Trump is trying to engineer is a new Iranian revolution. I would if I were him. And I would be looking to arm Iranians and create faction warfare within the country. There is probably a market within Iran for drugs. Ethnic tensions to exploit as well. And the Oil in Iran is in a single Province ( Khuzestan ) which borders Iraq. Most of the demographic in Khuzestan is NOT Persian, its Arab. And the Azeris are considered to be cockroaches to a Persian. That can be exploited. Lots of Farsi speakers available in the US recruitable by US Intelligence. Nasty business Revolutions. Wouldn't like to be a Persian Mullah right now. |
| Posted by: Blackbeard Hupusort4339 2018-05-10 05:47 |