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Pressures Drive Iran's Currency to New Low
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The unofficial exchange rate for the Rial fell to 33,500 rials to the dollar in informal currency exchanges. It fell 13% on Oct. 1, 2012. At the end of 2011 the exhange rate was about 13,000 to the dollar, and the rial has already lost 75% of its value as a result of economic sanctions over its nuclear program. Ahmadinejad and the Iranian government risk jeopardizing most of the social gains to improve living conditions as Iran's economy faces the full force of economic sanctions.
Iran's devaluing currency as it is hit by sanctions and higher inflation
11/30/2011
With inflation running at 20%, and facing sanctions from the EU and the U.S., the Iranian currency declined in value from 7000 rials to the dollar to 15,150 rials to the dollar, acccording to the Fars News Agency.
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In September alone the value of the Rial dropped by 40%. From the end of 2011 to Oct. the Rial had lost 75% of its value. In one day the currency lost 13%. The exchange rate declined to about 3 dollars for 100,000 rials.
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