Voice of America
22 Jan 2023, 07:06 GMT+10
dubai, united arab emirates - Iran's troubled currency fell to a record low against the U.S. dollar on Saturday amid the country's increasing isolation and possible Europe Union sanctions against Tehran's Revolutionary Guards or some of its members.
Ties between the EU and Tehran have deteriorated in recent months as efforts to revive nuclear talks have stalled. Iran has detained several European nationals and the bloc has become increasingly critical of the violent treatment of protesters and the use of executions.
The EU is discussing a fourth round of sanctions against Iran, and diplomatic sources have said members of the Revolutionary Guards will be added to the bloc's sanctions list next week. But some EU member states want to go further and classify the Guards as a terrorist organization.
The dollar was selling for as much as 447,000 rials on Iran's unofficial market on Saturday, compared with 430,500 the previous day, according to the foreign exchange site Bonbast.com.
The rial has lost 29% of its value since nationwide protests following the death in police custody of Mahsa Amini, a 22-year-old Kurdish Iranian woman, on September 16.
The unrest has posed one of the biggest challenges to theocratic rule in Iran since the 1979 Islamic Revolution.
The economic Ecoiran website blamed the continued fall of the rial on an apparent 'global consensus' against Iran.
'Increasing political pressures, such as placing the Revolutionary Guards on a list of terrorist organizations, and imposing restrictions on Iran-linked ships and oil tankers ... are factors pointing to a global consensus against Iran, (which may affect) the dollar's rate in Tehran,' Ecoiran said.
The European Parliament called on Wednesday for the EU to list Iran's Guards as a terrorist group, blaming the powerful force for the repression of protesters and the supply of drones to Russia. The assembly cannot compel the EU to add the force to its list, but the text was a clear political message to Tehran.
Panama's vessel registry, the world's largest, has withdrawn its flag from 136 ships linked to Iran's state oil company in the last four years, the country's maritime authority said this week.
Iran's central bank governor Mohammad Reza Farzin on Saturday blamed the fall of the rial on 'psychological operations' that Tehran says its enemies are organizing to destabilize the Islamic Republic.
'Today, the central bank faces no restrictions in terms of foreign currency and gold resources and reserves, and media deceit and psychological operations are the main factors behind the fluctuation in the free exchange rate,' state broadcaster IRIB cited Farzin as saying.
Facing an inflation rate of about 50%, Iranians seeking safe havens for their savings have been trying to buy dollars, other hard currencies or gold.
Get a daily dose of Japan Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Japan Herald.
More InformationMACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
RESTON, Virginia: Amidst labor and supply shortages, US defense contractor General Dynamics forecasted weak 2023 results, though strong demand for ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
BENTONVILLE, Arkansas: To attract and retain employees in a tight domestic labor market, Walmart has announced that it it will ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...
NEW YORK CITY, New York: As early as this year, lab-grown meat could be served in some restaurants in the ...