Amid tightening US sanctions, Iran’s currency hits lowest value ever against dollar
Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country.
The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.
For all the latest headlines follow our Google News channel online or via the app
The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions over two years ago.
US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.
Last week, Senior Vice President Eshaq Jahangiri said that Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.
Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.
It was a way to bring money into its cash-starved Iran and put its own pressure on the US, which under Trump has pursued maximalist campaigns against both nations.
Saudi Arabia welcomes IAEA’s resolution pressing Iran for access to nuclear sitesSaudi Arabia has welcomed a resolution by the UN nuclear watchdog IAEA calling on Iran to stop denying the agency access to two suspected former sites ... Gulf
Britain, France, Germany say Iran denial of UN access risks safeguards systemsBritain, France, Germany said that Iran’s denial of access to UN inspectors risks seriously undermining the global safeguards system if no progress is ... Middle East
Iran’s Mahan Air took ‘illicit cargo’ to Syria with Soleimani: Pilot, deleted reportIran’s US-sanctioned Mahan Air airline transferred “illicit cargo” to Syria using a civilian airliner with hundreds of passengers on board under slain ... Middle East
UN’s nuclear watchdog passes resolution calling for Iran’s cooperationThe board of governors at the UN’s nuclear watchdog has passed a resolution critical of Iran, diplomatic sources said Friday, the first of its kind ... Middle East
France will renew calls to preserve nuclear deal with Iran, says French FMBritain, France and Germany will on Friday define their Iran strategy for the coming months amid talks at the United Nations and violations by Tehran ... Middle East