Iran Daily, Dec 2: Another Currency Crisis in Tehran?

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More than two years after a currency crisis threatened to break the economy, Iran’s officials are facing another shock following the failure to reach a comprehensive nuclear agreement with the 5+1 Powers.

Since November 24, when the talks in Vienna ended, the Iranian Rial has lost about 15% of its value versus the US dollar, trading at about 35000:1.

The official Central Bank rate, established in 2012 in an attempt to stabilize the Rial, is about 26000:1.

Economy Minister Ali Tayyebnia insisted on Monday that stability would be restored:

Changes in the recent days mainly originate from some excitement and psychological factors in the market. We expect the trend to end soon and we can witness a positive and stable trend in the market again.

Tayyebnia said the rate changes were “transient” and “positive measures had been taken” to boost the Iranian market.

During 2012, as US-led sanctions crippled its oil exports and amid Government mismanagement, the Iranian Rial plummeted almost 75 percent — reaching a level of about 45000:1 — before Central Bank intervention was able to pull back the slide.

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7 COMMENTS

  1. Not just a currency-problem……………………

    Khamenei had said earlier too that he cannot control the IRGC

    Last week, fifteen Majlis representatives summoned the minister of intelligence over a report that had been prepared and submitted to ayatollah Khamenei which negatively portrayed the intelligence agency of the IRGC. Excerpts of the report were published by SAHAM News, close to pro-reform former presidential candidate Mehdi Karoubi who has been under house arrest since early 2011.

    Majlis deputies wanted an explanation of why such a report was prepared in the first place and why it was available to others, specifically “counter-revolutionary media” it they phrased it. The report, as reflected in SAHAM news, describes the secret activities of the intelligence agency of the IRGC for a coup against the 1998-2005 reform administration of president Mohammad Khatami.

    Ali-Asghar Ramezanpour, the deputy minister of culture in Khatami’s administration, about the accuracy of the report:

    “The report is generally correct and accurate and it is quite possible that it was prepared by individuals close to Mr. Rouhani and provided to the supreme leader because many middle-level officials in IRGC intelligence agency and the ministry of intelligence have this information.”

    According to SAHAM news, president Rouhani had taken the intelligence report to Ayatollah Khamenei and had asked him to advise the IRGC to stop these activities.

    The supreme leader responded:

    “Members of the IRGC did not heed to his words either.”

    http://www.roozonline.com/english/news3/newsitem/archive/2014/november/30/article/khamenei-had-said-earlier-too-that-he-cannot-control-the-irgc.html

    If khamenei can`t control the IRGC – who will?

  2. Iranian Rials will soon become the hottest best-selling currency of year 2015 and likely to be for many years to come. Iranian Rial exchange rate was 1750 IRR to one USD in year 2001. It is now about 2980 Iranian Rials to one USD. USA Sanctions / Embargo against Iran will be lifted soon. Many countries have abolished the embargo which gives you a hint of the volume of Iran economy. So much expectations that Iranian Rial value will raise due to the lift of sanctions and the great potentiality of the Iranian economy.

    http://www.iranian-rials.com

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