Rial loses 1/3rd of value in a week

http://www.bbc.co.uk/news/business-19798655

Iranian President Mahmoud Ahmadinejad has blamed the “enemies” of his country for the sharp falls in its currency, the rial.

The currency has fallen to fresh record lows against the US dollar.

Iranian Industry Minister Mehdi Ghazanfari has blamed speculators for the fall.

But US officials say the slide reflects the success of US economic sanctions targeted at Iran’s controversial nuclear programme.

Mr Ahmadinejad said Western sanctions amounted to an economic war, but they would not stop the country’s programme.

“We are not people to retreat on the nuclear issue,” he told a news conference in Tehran. “If somebody thinks they can pressure Iran, they are certainly wrong and they must correct their behaviour.”

The rial has reportedly lost more than 80% of its value since 2011 because of US-led trade sanctions.

Reports from Tehran suggest the rial plunged 18% in Monday’s trading and then another 9% on Tuesday.

Since the start of the year, the currency has lost four-fifths of its value, says the BBC’s Mark Gregory.

————

there isnt much they can do about this..its out of their control now..gold might work though eh?

the people will become agitated now..

401

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~ by seeker401 on October 5, 2012.

2 Responses to “Rial loses 1/3rd of value in a week”

  1. Didn’t the same happen to Libya when Qaddafi decided to come up with the gold backed currency, and then he got sacked?

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