News ID: 219014
Published: 0232 GMT July 29, 2018

Iran currency at a record low

Iran currency at a record low

Iran’s currency plunged to another record low on Sunday, dropping past 100,000 rials to the US dollar following US decision to reimpose sanctions against Tehran after unilateral withdrawal from the Iran nuclear deal in May.

The United States pulled out of the 2015 deal between world powers and Tehran under which international sanctions on Iran were lifted in return for limits on its nuclear program, Reuters reported.

Washington decided to reimpose sanctions on Iran upon its withdrawal, and has told countries they must halt all imports of Iranian oil from Nov. 4 or face US financial measures.

On Sunday, the Iranian rial plunged to 111,500 against one US dollar on the unofficial market, down from about 97,500 rials on Saturday.

US President Donald Trump has called the agreement one of the worst deals ever negotiated but in a bid to salvage the accord, Iran’s European partners in the nuclear deal are preparing a package of economic measures to offset the US pullout.

On Aug. 7, the United States will reimpose sanctions on the purchase or acquisition of US dollars by the Iranian government, Iran’s trade in gold and precious metals, and on the direct and indirect sale, supply and transfer to or from Iran of graphite, raw or semi-finished metals, coal and industrial-related software.

Sanctions also will be reapplied to the importation into the United States of carpets and foodstuffs made in Iran, and on certain related financial transactions.

Iran has filed a lawsuit at the International Court of Justice against the US over reimposing sanctions against the Islamic Republic.



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