IRR

IRR

Postby winston » Sat Sep 29, 2012 9:46 pm

Iran's rial dives 4% to record low

Iran's currency, the rial, dived four percent to a new low of around 28,000 to the dollar in open trading on Saturday, deepening a month-long sell-off, according to exchange tracking websites and the Mehr news agency.

The new rate was down from the 26,900 rials per dollar fetched on Thursday, the last day of trading.

The sharp dive -- and a steep rise in the price of gold bought in Iran -- suggested Iranian families and companies were rushing to buy dollars and other foreign currency because of economic uncertainty.

The rial has lost over 60 percent of its value since the end of last year, as draconian Western economic sanctions take effect. That has spurred already high inflation to even greater heights, with food costs soaring more than 50 percent.

Speculation of military action against Iran by Israel, with or without the help of its ally the United States, has grown in the past couple of months.

Israeli Prime Minister Benjamin Netanyahu, in a speech Thursday to the UN General Assembly, implied action would have to be taken against Iran before the middle of 2013 if it continues with its nuclear activities at the current rate.

Iran, which denies Israeli and US allegations that it has nuclear weapons ambitions, has made some efforts to mitigate the weakening of the rial, but to little durable effect.

This week it opened an "exchange centre" which puts importers and exporters in touch which each other to arrange informal currency swaps aimed at skirting US financial restrictions that curb the ability to repatriate money to Iran.


Source: AFP Global Edition
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Tue Oct 02, 2012 4:27 am

not vested

Iran currency plunge sign sanctions are biting: US

The plunge of Iran's currency shows the success of the "most punishing sanctions" ever amassed by the global community seeking to halt Tehran's suspect nuclear program, a US official said Monday.

"From our perspective this speaks to the unrelenting and increasingly successful international pressure that we are all bringing to bear on the Iranian economy. It's under incredible strain," State Department spokeswoman Victoria Nuland said.

Iran's currency weakened to 34,700 to the dollar by the end of Monday's trading, according to the Mesghal.com website, a drop of 17 percent compared to the previous day's rate of 29,600.

The Mehr news agency said the rial fell 18 percent to 35,000.

The rial has lost more than 80 percent of its value compared with the end of last year, when it was worth 13,000 to the dollar.


http://www.newsmeat.com/news/meat.php?a ... &buid=3281
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Fri Oct 05, 2012 7:06 am

KILLING IRANIAN CITIZENS

I find it interesting that politicians and journalists can be so nonchalant about some things, but go ballistic regarding idiotic issues.

The sanctions imposed by Obama and the U.S. Congress on the people of Iran have resulted in a hyperinflationary collapse of their currency. Hillary Clinton and the other sociopaths that control our government are overjoyed that we have destroyed the lives of 75 million Iranian people.

They are experiencing inflation of 70%. Their life savings are getting wiped out. Starvation, riots and death await the people of Iran.

The leaders of Iran are living in their palaces and will continue to eat the best food. The sanctions are only hurting the average Iranian.


http://www.theburningplatform.com/?p=41684
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Sat Oct 06, 2012 9:53 pm

No prize for guessing who's behind this ....

Iran imposes currency cap to combat rial's plunge

Iran on Saturday sought to reverse a collapse of its currency by imposing a fixed dollar rate, days after protests erupted over the rial's plunge, according to money changers who were refusing to comply.

The order came as ordinary Iranians struggle with growing economic problems that have caused a big jump in daily prices.

"We received an order from the Money Changers' Association (under the control of the Central Bank) telling us to buy the dollar at 25,000 rials and sell at 26,000," one exchange bureau employee told AFP.

"Nobody is selling at this price and we are not trading," he said.

The bureaux in the central Ferdowsi area of Tehran had opened for the first time since Wednesday's protests, in which scuffles broke out between police and stone-throwing individuals.

Sixteen exchange market "disruptors" were arrested, according to prosecutors.

The dollar rate being imposed on Saturday sought to strengthen the rial by 25 percent after it plunged 40 percent in value this week to around 36,000 in trade on Wednesday.

But with licenced exchange bureaux baulking, illegal money changers walking in the street were looking to step in at a whispered rate of at least 30,200 rials to the dollar.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Sun Oct 07, 2012 9:58 pm

Iran currency market remains paralysed

The open forex market in Tehran was still largely paralysed on Sunday, four days after Iran's national currency dropped more than 40 percent prompting protests in the capital's symbolic Grand Bazaar.

Most official exchange shops were open in downtown but refused to conduct any business at a rate of about 28,000 rials per dollar, set by the Central Bank on Saturday in a bid to curb the currency's plunge.

The main specialised websites tracking transactions on the market did not post any rates.

The few transactions happening under the table, however, were in the range of 30,000 and 32,000 rials per dollar, witnesses told AFP.

http://www.newsmeat.com/news/meat.php?a ... &buid=3281
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Sat Feb 02, 2013 9:39 pm

Can this happened to your currency ? No ? Do you remember what happened during the AFC ?

Iran rial hits 'all-time dollar low'

AFP - Iran's currency plummeted to an all-time low on Saturday, registering a more than 21-percent drop in a span of two weeks against the US dollar, currency tracking websites and money changers said.

The rial was traded at between 39,000 and 40,000 per dollar on the open market on Saturday, down from about 33,000 two weeks ago, according to money changers contacted by AFP.

It had briefly dropped in late January to 37,000 per dollar amid rumours that central bank head Mahmoud Bahmani could be sacked because of his failure to shore up the rial.

The devaluation comes with Iran facing a growing shortage of foreign cash because of international sanctions against its central bank and vital oil sector over its disputed nuclear programme.

The currency was traded at 12,000 in late 2011, prior to the introduction of tough Western sanctions on Iran's oil and banking sectors.

The official dollar rate in Iran has been fixed for several months at 12,260 rials, but is reserved for official government business. Parallel to the open market, another rate of 24,550 rials is reserved for a few companies importing food or other goods judged essential.

http://www.france24.com/en/20130202-ira ... dollar-low
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: IRR

Postby winston » Sun Jul 07, 2013 9:12 am

Iran devalues official rial rate by more than half

AFP - Iran's central bank on Saturday drastically devalued the national currency's fixed subsidised rate against the dollar, as the Islamic republic struggles to shore up its faltering economy.

The rial has lost more than two thirds of its value on the open market since early 2012, when the United States and the European Union imposed harsh economic sanctions curbing Iran's ability to export oil and conduct financial transactions.

The central bank on Saturday was selling one US dollar for 24,779 rials at the subsidised rate available only to select importers to procure basic commodities and medicine, according to the bank's website at http://cbi.ir

That rate was a 102-percent increase from 12,260 rials for one dollar that had been kept artificially low since January 2012.

The new "reference" rate is still far stronger than the dollar available to ordinary buyers and travellers at the unofficial open market, which was 33,200 rials per dollar at midday.

By increasing the so-called reference rate, the central bank scrapped its rate used at an "exchange centre" that put goods importers in contact with exporters to exchange funds at a rate of around 25,000 to the dollar.

The exchange centre, launched late last September, had managed to control the rial's free fall amid increasing international pressure on Iran.

Suspecting Iran's nuclear programme has military objectives, Western powers have reinforced a raft of economic sanctions aimed at coercing it into cutting back on uranium enrichment despite Tehran's insistence its atomic ambitions are peaceful.

The sanctions have cost the country billions in vital oil revenues and left it struggling with a shrinking economy, raging inflation and high unemployment.

Saturday's development came after days of media reports and official denials about pending changes on the official currency market.

According to reports, the budget for the year ending in March 2014 -- signed by outgoing President Mahmoud Ahmadinejad in mid-June but the details are not publicised -- gave the central bank permission to increase the official exchange rate.

Ahmadinejad's critics accuse his government of misusing the now scrapped cheap dollar, and of failing to feed the market with sufficient foreign currency or provide funds earmarked for essential goods including medicines.

The price of medicine has risen sharply in the past year.

In June, the health ministry's Shams-Ali Rezazadeh said the price of domestically produced drugs was set to rise by at least 35 percent, while imported medicine would go up by an average of 90 percent.

http://www.france24.com/en/20130706-ira ... -more-half
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am


Return to Currencies

Who is online

Users browsing this forum: No registered users and 5 guests

cron