Tag Archives | devaluation

Iran’s Parliament to Impeach Economy Minister

Iranian Minister of Economic Affairs and Finance Massoud Karbasian will appear in the Parliament on Sunday, August 26, for an impeachment inquiry in the wake of skyrocketing prices in the country and devaluation of the local currency. Karbasian will go to the Parliament to answer the questions of a number of lawmakers complaining about his […]

Iran Currency’s Value Continues to Fall

While Iran’s market has experienced a hike in the value of foreign currencies and gold coin prices in recent months, the Iranian money plunged to a record low against the US dollar in the unofficial market, which is being offered for as much as 110,000 rials Monday. The value of Iranian rial against euro also […]

Video: Iran Currency Halves in less than a Year

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The value of the Iranian Rial has halved in less than a year. There have been further threats to the economy posed by the imposition of US sanctions and the loss of oil […]

Iran to Launch Secondary Currency Market

Governor of the Central Bank of Iran (CBI) Valiollah Seif announced that the country plans to establish a secondary currency market in coming days as the Iranian rial has plunged to an all-time low against the US dollar. Speaking to reporters on the sidelines of a meeting with parliamentarians in Tehran on Monday, Seif said […]

How Rial’s Devaluation may Boost Iranian Economy

By Navid Kalhor for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The money supply in the Iranian economy exceeds $355 billion at the official exchange rate, remarkably surpassing total economic output of $331 billion. Financial depth, a metric showing the ratio of liquidity to gross domestic […]

Iran Pushes for Transparency to deal with Currency Instability

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. On April 10, Iranian authorities announced a policy of unification of exchange rates — a move that has generated confusion, especially among those economic players who relied on the country’s free currency market. The fact […]

Video: Iran Currency Crunch hits Foreign Tourists

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Changing dollars or euros in Iran has become a challenge after Iran’s central bank on April 15 forbade “until further notice” all exchange bureaus from dealing in foreign currency, leaving banks as the sole […]

Iran Replaces US Dollar with Euro

Iran Replaces US Dollar with Euro as Official Reporting Currency The Iranian cabinet on Wednesday approved a plan to replace the US dollar with euro in reporting foreign currency amounts. During a meeting chaired by Iranian President Hassan Rouhani in Tehran on Wednesday, the cabinet obliged all ministries, and governmental organizations and companies to use […]

What’s behind Iran’s massive Capital Flight?

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A prominent Iranian member of parliament’s recent statement about a significant outflow of capital from the country has raised eyebrows. Commenting on the foreign exchange fluctuations in March, parliamentary economic commission head Mohammadreza Pourebrahimi said some $30 […]

MPs call on Central Bank boss to Resign as Rial Plummets

From Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. As the Iranian rial hit a record low, trading above 60,000 against the US dollar on April 9, criticism against President Hassan Rouhani and Central Bank Gov. Valiollah Seif has intensified. The rial has dropped in […]

Iran Unifies Exchange Rates to Halt Currency Slide

The Governor of the Central Bank of Iran (CBI) Valiollah Seif said the country has unified its official and open market exchange rates as the Iranian rial plunged to an all-time low against the US dollar. Speaking at an open session of the parliament on Tuesday morning, Seif explained about the currency slide in recent […]

What’s really driving Currency Depreciation in Iran?

By Esfandyar Batmanghelidj, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The Iranian rial has lost about a third of its value over the last year, burnishing claims that the economy is stumbling. But while the devaluation is concerning, it does not point directly to […]

Iran Forms Special Task Force on Currency Slide

Spokesman for the Iranian Administration Mohammad Baqer Nobakht said a special task force has been set up at the behest of President Hassan Rouhani to control the country’s currency market as the Iranian rial hit a record low against the US dollar. Speaking to reporters in Tehran on Monday, Nobakht regretted the recent currency depreciation […]

MP: $30bn Has Been Transferred out of Iran

By John Lee. Iranians have transferred $30 billion out of the country in recent months, according to a claim from an Iranian member of parliament. MP Mohammad Reza Pourebrahimi, who is the head of the parliament’s economic committee, did not specify how the money has been moved out; without access to the international banking system, […]

Currency Crisis shakes Rouhani’s Middle-Class Base

By Saeed Jalili for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Barely over a month after economic grievances, mainly among the working class, sparked deadly protests across the country, fluctuations in the value of the Iranian currency — the rial — have generated grave disappointment with another key […]

Six Factors driving Iran’s sudden Currency Devaluation

By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. A major and unexpected devaluation of the rial on the free currency market has taken many in Iran by surprise. Analysis of the behavior patterns in the Iranian foreign exchange market suggests that six […]