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Iran: U.S. dollar surged above 190,000 rials

U.S. dollar price is skyrocketing in Iran
U.S. dollar price is skyrocketing in Iran

Reporting by PMOI/MEK

 

Iran, September 26, 2018 - Following the speech delivered by U.S. President Donald Trump at the United Nations General Assembly and prior to the speech of Iranian regime president Hassan Rouhani, the price of the U.S. dollar soared to above 170,000 rials on Tuesday. Reports on Wednesday indicate the dollar reaching 177,500 rials. Meanwhile reports indicate that the price of the US dollar did not stop there and kept rising and on Wednesday it raised to 185,000 rials and it will not stay there either.

Each euro was selling at 200,000+ rials and the British pound increased to 220,000+ rials.

The tension in Iran’s currency market has reached to such an intensity that various exchange stores in Tehran described the currency market to gambling, according to the state-run ISNA news agency. For this very reason, currency exchange stores were seen closing down during various hours of the day.

On Tuesday, the price of Iran’s “Bahar-e Azadi” gold coin reached 49.1 million rials. Old gold coins that have remained in the bazaar were trading at 45.5 million rials.

Various experts believe the U.S. exiting the 2015 Iran nuclear deal is the reason behind this recent trend. Whereas prior to this development, the dollar had already increased more than three fold.

Analysts also believe the Iranian regime’s failure in reaching an agreement in negotiations with Europe, the limbo status of the anti-money laundering FATF convention, decrease in oil experts and Wednesday’s UN Security Council session – to be chaired by U.S. President Donald Trump – are among the reasons behind the recent surge in U.S. dollar price.

It is worth noting that foreign ministers of the five countries remaining in the Iran nuclear deal issued a statement this week seeking measures to preserve the Iran nuclear deal. However, this also failed to decrease the U.S. dollar price.

On Tuesday, the Iranian regime’s Majlis (parliament) excluded a section from the FATF convention referring to international cooperation and exchanging intelligence with other countries in the field of fighting money laundering.

Of the four FATF segments, the Iranian regime has only adopted the accord referring to confronting any financial aid for terrorism. This, however, is a domestic law in Iran and differs from the international convention focusing on fighting financial support of terrorism.

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