Iran's Currency Drops to Lowest Value Ever Against the Dollar Amid Sanctions

Rial has hit value of 190,000 per dollar, from a rate of 32,000 to a dollar at the time of the 2015 nuclear deal

The Associated Press
The Associated Press
Iranian rial currency notes are seen at a market in the holy Shi'ite city of Najaf, Iraq September 22, 2019.
Iranian rial currency notes are seen at a market in the holy Shi'ite city of Najaf, Iraq September 22, 2019. Credit: REUTERS/Alaa al-Marjani/File Photo
The Associated Press
The Associated Press

Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe U.S. 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.

The rial unexpectedly rallied after President Donald Trump’s decision to withdraw the U.S. from the nuclear deal and reimpose crippling trade sanctions over two years ago.

U.S. 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 U.S., which under Trump has pursued maximalist campaigns against both nations.

Tags:

Comments