Iranian currency falls to the lowest level in its history

Iranian currency falls to the lowest level in its history



Twilight News

Wednesday, 4 April 2018

The price of the Iranian currency against the dollar in recent days fell to an unprecedented level in the history of the country, where the dollar exceeded the barrier of five thousand Toman after four thousand Toman in the month of October.

As the Iranian currency continues to decline, exchange shops in the main market in Ferdosi Square in central Tehran are refusing to sell the dollar or the euro as the market stabilizes.

A member of the Budget Committee of the Iranian parliament, Jabbar Kuchki Nejad, the government, working to raise the dollar to meet the budget deficit, which was denied by the government earlier by the Iranian Vice President for Economic Affairs Mohammad Nahwandian, stressing that the administration of President Hassan Rowhani trying hard to achieve Stability in the market and fixing the price as well as controlling inflation and rising prices.

In turn, member of the Economic Committee in the Iranian parliament, Nasir Mousavi Largani ruled that the US currency will return to less than four thousand tomans, adding that "we have not seen during the past years the decline of the local currency to this level, and of course we will not see further decline in the value of Altuman, but I exclude that Will improve significantly over the coming period. "

The devaluation of the local currency was the second in two months, as the Toman fell to the same level in early February, prompting the security forces to intervene and launch raids in the exchange market in central Tehran and arrest dozens of accused of manipulating the money market.

He also announced the closure of more than 750 bank accounts of brokers accused of violating the foreign exchange market.

Economists say the sharp drop in the Iranian currency is due to increased demand for the dollar during the days of Norouz, where hundreds of thousands of Iranians spend their holidays abroad.

Other experts attributed the decline to US President Donald Trump's announcement of an extended sanctions freeze on Iran for the last time, calling for an amendment to the nuclear deal, along with new sanctions on individuals and entities linked to Iran's nuclear program and missile program.

The Iranian currency was relatively stable with the signing of the nuclear deal in 2015, but the prospect of Washington's withdrawal from the agreement will challenge the government of President Hassan Rowhani, and its ability to restore stability to the market.

http://www.shafaaq.com/ar/Ar_NewsReader/8192c81a-9c7d-4376-b96c-b13c7f569abd