The Iranian currency recorded a major
fall on Saturday, September 12, 2020, and touched a historic low against the Dollar.
Since June, the Iranian currency Riyals has depreciated 30 per cent against the
Dollar. Currency exchanging shops exchanged 2,62,000 Iranian Riyals for every Dollar
on Saturday.
On September 10, 2020, Thursday,
2,56,000 Riyals were traded for one Dollar. Iran's markets were closed on
Friday due to the weekend. In the last days of June, 200,000 riyals were
trading against a Dollar.
When Iran signed a nuclear deal with
the world's powerful countries in 2015, 32,000 Riyals were traded against each
Dollar. Iran's currency had seen a sharp decline for some time more than two
years ago when US President Donald Trump imposed several trade sanctions on
Iran separating the US from the nuclear deal. These restrictions have resulted
in a steep decline in Iran's oil exports.
The government of Iran is doing
everything possible to handle the currency. On Friday, September 11, 2020, the
head of Iran's central bank Abdulnasir Himmati said that the government was
doing everything possible to handle the situation of the money market. Iranian
officials have been warning exporters for several months to bring their overseas
income to Iran, otherwise, their export license will be cancelled. The central
bank has warned that it will make the names of those not complying with the
order public.
Iran's exporters leave half their
earnings abroad. In June, the central bank said that Iranian companies export 40
billion Dollar worth of non-oil products every year. Officials say that about
half of the income from this export remains abroad.
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