Iran’s currency hits record low amid sanctions, virus, international pressure 

Source: Iran’s currency hits record low amid sanctions, virus, international pressure | The Times of Israel

Day after IAEA censures Tehran for blocking access to two sites and EU diplomats say they’ll back extending arms embargo, rial plummets to 190,000 for each dollar

A man counts his banknotes and traveler checks in Tehran, Iran, on Wednesday, August 21, 2019 (AP Photo/Ebrahim Noroozi)

A man counts his banknotes and traveler checks in Tehran, Iran, on Wednesday, August 21, 2019 (AP Photo/Ebrahim Noroozi)

Iran’s currency has dropped to its lowest value ever at 190,000 rial for each dollar amid severe US sanctions against the country, new international pressure over its nuclear and weapons programs and the ongoing coronavirus pandemic.

The Iranian currency has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers.

Since US President Donald Trump’s decision to withdraw the US from the nuclear deal with Iran and reimpose crippling trade sanctions over two years ago, Iran’s oil exports, the country’s main source of income, have fallen sharply.

Last week, Senior Vice President Eshaq Jahangiri said that Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.

Iran recently sent five tankers with at least $45.5 million worth of gasoline and similar products to Venezuela.

It was a way to bring money into cash-starved Iran and put Venezuela’s own pressure on the US, which under Trump has pursued maximalist campaigns against both nations.

On Friday the UN’s nuclear watchdog censured Tehran and three European powers said they backed extending an arms embargo against the country.

The International Atomic Energy Agency (IAEA) passed a resolution put forward by European states, urging Tehran to provide inspectors access to two sites in Iran to help clarify whether undeclared nuclear activity took place there in the early 2000s.

It called on Iran to fully cooperate with the IAEA and satisfy its requests without delay, including by providing prompt access to the sites. Iran has been blocking access to the sites for months, prompting a growing diplomatic row.

Iranian Foreign Minister Mohammad Javad Zarif on Friday said the UK, France and Germany were “accessories” to Israel and the US and accused them of breaking agreements they made in the 2015 Iran nuclear deal after foreign ministers of the three nations toughened their stance on Iran, backing a UN arms embargo extension.

However ,the countries also warned the US against “any unilateral attempt to trigger a UN sanctions snapback.”

 

Explore posts in the same categories: Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s