The Iranian riyal fell to a new low against the dollar on Wednesday, after US President Donald Trump decided to withdraw from the agreement on Tehran’s nuclear program, fueling fears of an economic crisis in Iran. The price of the USD after the agreement directly to 75 thousand riyals compared to 65 thousand riyals before Trump announced his decision.<\/p>\n
The Iranian currency has been losing ground for months because of poor economic performance and financial difficulties in local banks, as well as high demand for the dollar among Iranians who fear that Washington’s withdrawal from the nuclear deal and renewed US sanctions on Tehran could reduce the country’s oil and other exports.<\/p>\n
In an attempt to stop the decline, the Iranian authorities announced last month that they would unite the official exchange rate and the free market price at the level of 42 thousand, with the prohibition of any transactions at other prices, going as far as putting those who don\u2019t respect this under arrest. However, this move didn\u2019t work as expected, as the small amounts of hard currency provided by the authorities through official channels did not match demand.<\/p>\n
Market participants in Tehran pointed out that activity in the free market declined slightly due to people’s fear of arrest and unbridled fluctuations in exchange rates, increasing the risk to customers.<\/p>\n
Some Iranians have begun to withdraw their savings even before Trump announced his country’s withdrawal from the global nuclear deal signed with Iran, putting pressure on the banking system, which is already struggling with bad loans and years of isolation. Donald Trump said he would withdraw from the deal and impose the highest level of economic sanctions on Iran.<\/p>\n
The Iranian riyal lost nearly half of its value in six months to April in anticipation of a tougher US stance, forcing Tehran to impose a ban on foreign exchange domestically. Ceiling for holdings of foreign currency at 12 thousand dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"
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