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Panama's vessel registry, the world's largest, has withdrawn its flag from 136 ships linked to Iran's state oil company in the last four years, the country's maritime authority said this week.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 Denmark Sun 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 Denmark Sun.
More InformationVILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
DUBLIN, Ireland: Former government minister Mary Hanafin has confirmed she will seek the Fianna Fáil nomination to contest Ireland's...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
DUBLIN, Ireland: Ireland's EU Commissioner Michael McGrath has defended Commission Vice President Kaja Kallas over her recent comments...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...
SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...
A new law in Denmark subjects 18-year-old females to the draft starting July 1 Women in Denmark are now subject to conscription,...
Israel has shut out the UN, installing its own group to hand out food to the starving population except it distributes death instead...
The IDF has shut out the UN, installing its own group to hand out food to the starving Palestinians except it distributes death instead...
A long-standing agreement on emergencies is no longer tenable since Sweden joined the US-led military bloc ...
The United States' recent tariff hikes have had detrimental effects on its economy, including slowed growth, rising costs, business...