Last remaining seats to the Jpost 2017 Annual Conference! Get your special offer now

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.

Share this article via
from around the web
Related Content
Breaking news
April 28, 2017
Merkel, Putin to discuss G20, Syria, Ukraine in Sochi on Tuesday

By REUTERS

Top Stories
Israel Weather
  • 13 - 27
    Beer Sheva
    14 - 23
    Tel Aviv - Yafo
  • 13 - 24
    Jerusalem
    16 - 23
    Haifa
  • 22 - 33
    Elat
    16 - 31
    Tiberias