Western pressure, inflation send Iran's rial to record low

By REUTERS
December 21, 2011 16:39

 
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TEHRAN - International sanctions imposed on Iran over its disputed nuclear program, coupled with high inflation and fear of a military strike by Israel, has led Iran's currency to fall to its lowest-ever level against the US dollar.

With global oil prices above $100 a barrel, the world's fifth biggest oil exporter Iran says it can cope with the imposed international trade and financial restrictions, but analysts were less sure.

"The central bank is struggling to maintain the value of the rial but the nuclear dispute, the government's economic policies and fear of a strike makes it almost impossible," said analyst Hamid Farahvashian.

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