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With rial falling, Saudi traders refuse Iranian currency


Iran’s rial is losing its value fast
Iran’s rial is losing its value fast
Following the unprecedented downfall of the value of Iran’s rial, each Saudi rial was traded at 11,300 Iranian rials, the state-run Mehr news agency reported. This led to Saudi moneychangers to refuse Iranian currency from buyers.
“Only one moneychanger in the holy city of Madina trades Iranian currency. This merchant was only willing to trade Saudi rials at the rate of 11,300 Iranian rials, meaning an Iranian pilgrim would pay 500,000 rials and only receive about 43 to 45 Saudi rials,” said one state-run media outlet in reference to the problems faced by Iranian pilgrims due to the down falling value of the rial.
“Considering the restrictions on accepting Iranian rials by moneychangers in the city of Madina, most stores, shopping centers and even street vendors are refusing to accept Iranian rials,” this state-run media outlet added.