- The government exchange rate is 42,000 riyals per dollar
- The government rate is used mainly for the import of subsidized food and medicine
The Iranian currency continues to depreciate against the real dollar. Banknotes were traded at 3,15,000 riyals (Iranian currency) against the dollar on Sunday at shops trading in Tehran’s unofficial markets. The riyal is at an all-time low against the dollar.
It is worth mentioning here that in 2015 when the nuclear deal was signed with the most powerful countries in the world, the value of one dollar was 32,000 riyals. At present, the government exchange rate is 42,000 riyals per dollar. The government rate is mainly used for the import of government-subsidized food and medicine.
The value per dollar has gone up from 2,62,000 to 3,15,000 riyals in the last one month
The riyal has depreciated against the dollar in the last one month from 6 2,62,000 to 15 3,15,000. At the present time, it is at a record low.
September 12: 2,62, Rial per dollar (at record lows)
September 23: 2,80,000 riyals per dollar (at a record low)
October 1: 3,00,000 riyals per dollar – (record low)
October 10: 3,04,300 riyals per dollar – (at a record low)
October 11: 3,15,000 riyals per dollar (at a record low)
Erosion of the rial due to the Iran-US conflict
The rial is depreciating due to the Iran-US conflict. US President Donald Trump announced in 2018 that he would unilaterally end the agreement reached between Iran and the United States in 2015. With this, the US re-imposed economic sanctions on Iran.
The United States recently banned 18 more Iranian banks
A few days ago, the Trump administration blacklisted 18 banks in Iran. Provision has also been made to penalize banks of other countries having business relations with these 18 banks. These banks were already out of sanctions. In this way, the US has tried to completely dismantle Iran’s global financial system.
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