TEHRAN, Iran (AP) — Iran’s currency has fallen 16 percent in a single day to hit a record low against the US dollar and other foreign currencies in street trading.
Street traders said Monday it reached 34,500 rials to the dollar. It was 29,500 rials on Sunday.
The collapse of the currency is a sign of the impact of Western sanctions imposed over Iran’s nuclear program. The West suspects Iran is aiming to build nuclear weapons, a charge Tehran denies.
The fall came despite the country’s inauguration last week of a new hard currency trading center to undercut the black market.
The current official rate is 12,260 rials to the dollar, but that is used only for special purposes such as importing food and medicine.
Get The Times of Israel's Daily Edition
by email and never miss our top stories
By signing up, you agree to the
terms
Copyright 2012 The Associated Press.
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
Add ToI as a Preferred Source on Google
