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Iran's rial hits an all-time-low against the US dollar Iran's rial hits an all-time-low against the US dollar
(35 minutes later)
Iran's currency, the rial, fell almost 10% on Monday to a record low against the dollar, leaving it with a loss of 25% in one week.Iran's currency, the rial, fell almost 10% on Monday to a record low against the dollar, leaving it with a loss of 25% in one week.
The rial was trading at 32,250 against the dollar at 12:00BST on Monday.The rial was trading at 32,250 against the dollar at 12:00BST on Monday.
On Sunday, it was worth about 29,720, according to the Iranian currency-tracking website Mazanex.On Sunday, it was worth about 29,720, according to the Iranian currency-tracking website Mazanex.
The fall suggests economic sanctions imposed over its disputed nuclear programme are hitting economic activity ever harder.The fall suggests economic sanctions imposed over its disputed nuclear programme are hitting economic activity ever harder.
The latest slide appears to have been triggered by a government move to supply dollars to importers of certain basic goods at a special rate in an attempt to rein in the currency slide, but the move has had the opposite effect.The latest slide appears to have been triggered by a government move to supply dollars to importers of certain basic goods at a special rate in an attempt to rein in the currency slide, but the move has had the opposite effect.
Dramatic currency falls can lead to uncertain markets as dealers hoard the harder currency in the hope that it will gain even more in value. A weaker domestic currency makes imports more expensive, raising prices for people inside Iran.
Iran is all but frozen out of the global banking system as a result of largely US-lead sanctions designed to discourage what it says is Iran's attempts to build a nuclear weapon. Dramatic currency falls can also lead to uncertain markets as dealers hoard the harder currency in the hope that it will gain even more in value.
EU sanctions include a ban on the trade of Iranian oil. Iran is all but frozen out of the global banking system as a result of largely US-led sanctions designed to discourage what it says is Iran's attempts to build a nuclear weapon.
These sanctions, which are backed by the European Union, include a ban on the trade of Iranian oil.
The US has threatened to take action against foreign firms and institutions dealing with the Iranian central bank.The US has threatened to take action against foreign firms and institutions dealing with the Iranian central bank.
It means it is almost unable to sell its valuable oil assets to other countries. It means it is unable to sell its valuable oil assets to most other countries. Analysts suggest it may also have to accept lower prices from countries still willing to trade with it.