Iranian currency falls to record low amid isolation and sanctions
Iran’s troubled currency tumbled to a record low against the US dollar on Saturday. Amid the country’s growing isolation and the possibility of EU sanctions against Tehran’s Revolutionary Guard Corps or parts of its members, the country’s sanctions are still rising.
Relations between the EU and Tehran have deteriorated in recent months. as efforts to revive nuclear negotiations stalled. Iran has detained many Europeans. The group has criticized the harsh treatment of protesters and the increased use of executions.
The EU is discussing a fourth round of sanctions against Iran. And diplomatic sources say members of the Revolutionary Guard Corps will be added to the group’s sanctions list next week. But some EU member states want to go a step further and classify all defenders as terrorist organizations.
The dollar was sold for as much as 447,000 reais in Iran’s unofficial markets on Saturday, compared to 430,500 the previous day. According to foreign exchange website Bonbast.com
The rial has dropped 29% in value since nationwide protests following the Sept. 16 death in police custody of 22-year-old Kurdish Iranian woman Mahza Amini.
The unrest has posed one of the greatest challenges to theocracy in Iran. since the Islamic revolution in 1979
Economic website Ecoiran blames the rial’s continued fall as A clear “global consensus” on Iran
“Increased political pressure, such as placing the Revolutionary Guard Corps on the list of terrorist organizations, and imposing restrictions on ships and oil tankers linked to Iran… It is a factor pointing to the global consensus on Iran. (which may affect) the dollar rate in Tehran,” Ecoiran said.
The European Parliament urged the EU to designate Iran’s Guards as a terrorist group on Wednesday. It accuses powerful forces of cracking down on protesters and supplying drones to Russia. The Council cannot force the EU to increase its powers in the list. But the message was a clear political message to Tehran.
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On Saturday, Iran’s central bank governor, Mohammad Reza Farzin, blamed the rial’s collapse on the “Psychological operations” in which Tehran said its enemies were plotting to destabilize the Islamic Republic.
“Today, central banks have no restrictions in terms of foreign currency. gold resources and reserves And media deception and psychological operations are the main factors behind the volatility of free exchange rates,” IRIB state spokesman Farzin quoted Farzin as saying.
Faced with inflation at about 50%, Iranians seeking refuge for their savings try to buy dollars. other hard currency or gold