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Iran national currency's drop against US Dollar

Iran national currency's drop against the US Dollar

Iran’s exchange market saw an unprecedented rise in the value of US dollar which affected many variables inside the country.

Iran’s economy is highly dependent on dollar which according to many economists is a clear weakness as the slightest changes in its value can directly leave adverse impacts on the country’s economy. To document this claim we can pay attention to the current sudden rise in the value of US dollar. Some believe that the current skyrocketing increase is due to the growth of foreign travels during the New Year’s holidays; however, some others blame the US mischievous enmity towards Iran for it.

A few months to the Iranian New Year, the value of the foreign currency of dollar started to rise sharply. To curb its skyrocketing increase, Iran’s central bank announced in a recent directive that hard currency will only be supplied by certified banks to 33 designated groups in which tour operators have not been included; at least not for non-religious tours. In addition to this, the Central Bank has authorized foreign exchange deposits. This way, people can put their foreign currencies in the banks with a guarantee not to lose the value of their money. But the question is why the Central Bank and the administration hesitated too long to take measure.


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