Amid the fears of US sanctions on Iran looming large over the economy, the Iranian Rial is plunging to miserable levels. Iran’s currency has fallen to a record low as it dropped past a 100,000 Rials for a US dollar. Rial has fallen to half of its value in the month of April amid a weakened and crippled economy. Iran is embracing itself for the first batch of the US sanctions which come to effect on August 7.
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Crippled economy, increased demands for the US dollar and fears among citizens are the factors responsible for the sorry state of the Iranian currency. In May 2018, the US unilaterally backed out from the 2015 Iran Nuclear Deal which is officially known as the Joint Comprehensive Plan of Action (JCPOA) which was signed by P5+1 nations and Iran.
On Sunday the Iranian Rial fell to 111,500 against one dollar in the unofficial market as per Bonbast.com. Other websites said that US dollar was exchanged between 108,500 and 116,000 Rials.
After pulling out from the 2015 Iran Nuclear Deal the US has been constantly threatening Iran with the reimposition of old sanctions and the stamping of new ones. The US has vouched to bring the oil sales of Iran to almost nil and has also warned Tehran of a suffering that only a few have witnessed in the past.
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The US has asked all nations to stop importing oil from Iran by November 4. Iran hit back at the US and has waged a war of words between the two. Iran also threatened that if its oil sales are stopped then it would let no shipments pass from the Gulf.
Iran has been looking to expand the exports of its non-oil products and has also been holding talks with the private enterprises to increase the national productivity. Iran has claimed that it will stand in solidarity despite all odds and sanctions. Can Iran endure the fierceness of the US sanctions and revive its economy from here?
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