Iran central bank under fire as rial hits new lows

ByREUTERS
September 10, 2012 13:30




DUBAI - Iran's central bank has for weeks failed to provide US dollars to traders to import essential goods, driving down the value of the country's currency against the dollar, a senior Iranian lawmaker said on Monday.

The Iranian rial slid to a record low on Monday, reaching 25,650 rials per dollar, about half its value a year ago, according to currency tracking website Mesghal.

That represents a slump of about 17 percent since Thursday and comes as Iran faces increasing economic and political pressure over its disputed nuclear program.

The rial trades at two rates in Iran: a "reference" rate of 12,260 to the dollar maintained by the central bank and available only for the import of essential items, and the far weaker rate determined by a street market made up of small money changers, in which most Iranians can obtain hard currency.

Related Content
Breaking news
June 28, 2017
Top Senate Republican expresses optimism on healthcare bill after Trump meeting

By REUTERS

Israel Weather
  • 22 - 36
    Beer Sheva
    23 - 29
    Tel Aviv - Yafo
  • 23 - 32
    Jerusalem
    23 - 29
    Haifa
  • 29 - 43
    Elat
    26 - 40
    Tiberias