The central bank agreed to publish the names of violators. And Iranian officials have warned exporters to return their foreign earnings home from abroad or face having their licenses revoked. To combat the loss, last month the regime pledged to invest 1% of its sovereign wealth fund, the National Development Fund, to shore up its market. Traders have blamed the sanctions for sparking a failure in returning export earnings. It’s the crisis of what kind of foreign policy do you want to have, a revolutionary foreign policy or do you want to be a normal state? Khamenei doesn’t want to choose.” “Nobody wants to talk about the elephant in the room, that this crisis is fundamentally not an economic crisis but a crisis about choice of foreign policy. “Oftentimes people want to boil this down to the nuclear program, but it’s much bigger than the program,” Vatanka said. Among some of the harshest US sanctions are restrictions on Iran’s oil exports, the country’s main source of income.Īlthough some Iranian leaders will use the collapse of the nuclear deal as a scapegoat for the regime’s economic woes and Washington in turn will say its sanctions caused the rial’s downfall, foreign policy experts cite disjointed international efforts by Iran’s leadership that have crippled the country's economy since the 1979 revolution. The rial's loss of value is partly a product of sanctions against the regime that were triggered by US President Donald Trump’s decision in 2018 to withdraw from the Iran nuclear deal. “That’s why they were so reluctant to close down business and to tell people to stay home, the usual things that a lot of countries decided to do.” “They didn’t have a fallback position and that meant they had to keep their local economy going,” he said. But the pandemic spiraled the situation into disaster.
A portion of the drop is due to a major slump in oil prices and a downturn in the global economy triggered by the coronavirus pandemic.Įven before the pandemic, domestic consumption was the only thing going for the regime economically as heavy international sanctions were already hurting the country, said Alex Vatanka, the director of the Middle East Institute’s Iran Program. The rial's value has fallen almost in half this year, and 30% in the last three months alone. That's an enormous drop from 2015, when the rate was just 32,000 rials to the dollar. On Thursday, the rial fell to 300,000 to the US dollar it had been at 262,000 only a few weeks before. The currency of Iran is the Iranian Rial (IRR).įrom early 80s to 2001, Iran had a multi-exchange-rate system one of these rates, the official floating exchange rate, by which most essential goods were imported, averaged 1,750 rials per US dollar in March 2002, the multi-exchange-rate system was converged into one rate at about 7,900 rials per US dollar.Iran’s currency dropped to its lowest value ever against the US dollar last week amid crushing sanctions by Washington, a disastrous response to the coronavirus pandemic and a string of disjointed foreign policy efforts that have caused distrust in the regime and caused money to flee the country. In July 2013, after Rial falling to its all time low of around 40,000 to 1 US dollar - the Central Bnk of Iran upgraded its official exchange rate from 12,284 to a more reasonable 20,750 and in August to 24,500 but still well below the actual street exchange rate. The actual dollar exchange rate was 36,500 Rial rather than the official 12,284 Rial. For example on April 2013, the official Iran Central Bank Exchange Rate for Dollar was 12,284 Rial - but no private business or individual could get such exchange rate. When there is a wide descripancy between the Official and the actual Street exchange rate, both rates are listed. Iran currently has two exchange rates, one formally fixed by the Central Bank of Iran and another informal, open market rate that's sold to the public via currency exchange shops and traders on street corners (Street Rate).īonbast - Iran Currency Street Exchange Rate Iran Currency Exchange Rate History: 1975 - 2023 Online Museum of Persian Currency & Coins Toman - Rial - Iranian / Persian Currency Iranian Currency Exchange Rate - Money Exchange in US, Europe & Canada - Iranian Currency Exchange Rate History, Iran Curency System, Iranian Currency History NoRooz 2583 Countdown.
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