World · Middle East Eye · · 2h
Iranian rial at new low, as cenbank sells dollars to support currency
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Iranian rial at new low, as cenbank sells dollars to support currency
Iran's rial continued its decline on Saturday, as the central bank announced an injection of up to $2 billion to support the currency while the economy faces US sanctions and a naval blockade.
The US dollar was sold at around 2.688 million rials, up from 2.632 million on Friday, according to free-market tracking website bon-bast.com, while alanchand.com reported 2.695 million rials per dollar.
State television said state banks began selling up to $2 billion to support the currency, which has lost more than half of its value in the past year.
With an inflation rate of more than 70 percent, life is becoming ever tougher for ordinary citizens unable to afford basic necessities or rent as a US blockade cuts the state's financial lifeline – oil exports.
Many Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold.
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Source: Middle East Eye