Voice of America
22 Jan 2023, 02:36 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Panama's vessel registry, the world's largest, has withdrawn its flag from 136 ships linked to Iran's state oil company in the last four years, the country's maritime authority said this week.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 Tucson Post 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 Tucson Post.
More InformationWASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
(Photo credit: Jayne Kamin-Oncea-Imagn Images) Mike Trout had two hits, including the 395th home run of his career, and drove in...
(Photo credit: Mark J. Rebilas-Imagn Images) Longtime Cardinals left tackle Luis Sharpe, a three-time Pro Bowl selection, has died...
(Photo credit: Matt Kartozian-Imagn Images) The Arizona Diamondbacks head into Saturday night's contest against the Los Angeles Angels...
(Photo credit: Denis Poroy-Imagn Images) As one of the best pitchers in the National League, Philadelphia Phillies right-hander Zack...
(Photo credit: Aaron Doster-Imagn Images) Cody Bellinger spent the past two years rejuvenating his career with the Chicago Cubs....