World

Iran’s rial hits lowest value ever against dollar

June 20, 2020

TEHRAN — Partly due to the severe US sanctions because of its aggressive nuclear program, Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar.

Tehran has repeatedly been ignoring the IAEA resolution asking Iran to fully cooperate with the agency and provide its inspectors access to suspected nuclear sites.

The latest resolution in this regard was adopted by the IAEA's 35-nation board of governors during its meeting on Friday in Vienna.

The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.

The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions over two years ago.

US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.

Last week, Senior Vice President Eshaq Jahangiri said that Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.

Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.

It was a way to bring money into its cash-starved Iran and put its own pressure on the US, which under Trump has pursued maximalist campaigns against both nations. — Agencies


June 20, 2020
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