BREAKING NEWS

Iranian MPs call for intervention to halt currency slide

By REUTERS

SEPTEMBER 11, 2012 15:59

DUBAI - A group of Iranian legislators, critical of the policies of President Mahmoud Ahmadinejad, has urged the central bank to intervene in the currency market to support the rial, which hit record lows this week, Iranian media reported on Tuesday.

The Iranian currency hit an all-time low on the open market on Monday at 25,650 to the dollar, half its value of a year ago and after losing about 17 percent since last Thursday. It was more stable on Tuesday.

While the direct cause of the sharp fall is unclear, analysts say it is a further sign that sanctions imposed over Iran's disputed nuclear program are biting deeply into its economy and also reflects confusion over the government's currency policy.

The rial's slide threatens to push up inflation and fuel capital flight from Iran and has inflamed political divisions within the country, with foes of President Ahmadinejad in the legislature accusing his administration of foot-dragging and exacerbating the situation.

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