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Iran’s Currency in Free-fall as U.S. Sanctions Loom

Iran’s currency plunged to a record low on Sunday, dropping to about 110,000 rials to the U.S. dollar in trading on the unofficial market, as the global economy braces for the renewal of American sanctions on the Islamic Republic. The rial has lost almost half of its value since President Donald Trump in May pulled the U.S. out of the Iran nuclear deal; this, as multi-national companies begin exiting Iran amid growing demand for the greenback among Iranians who fear looming sanctions. The first batch of U.S. restrictions is slated to go into effect on August 6, barring, among other things, Tehran’s trade of gold, precious metals and automotive parts. In November, additional sanctions will target Iran’s crucial energy and shipping industries. Tehran remains engaged in negotiations with European capitals, along with Russia and China, to devise an economic mechanism that will offset the impact of Washington’s policy; however, in the absence of a follow-up agreement or the granting of U.S. sanctions waivers, analysts predict that Iranian oil exports could fall by as much as two-thirds by the end of the year.

This holiday season, we ask you to give the gift of trusted news…

Dear friends,

The Media Line is always there to report to you the stories and issues of the Middle East – completely and in context: TML is the source you can trust.

Know The Media Line to Know The Middle East!

Please support our ad-free, nonprofit news agency. Our seasoned journalists reporting from the Middle East are working day and night during these challenging, yet defining times; and our student interns are honing their knowledge and skills, preparing to emerge as tomorrow’s journalists.

You rely on us and we’re relying on you! Make your online tax-deductible donation here and contact us regarding donations through appreciated stock, donor advised funds, qualifying IRA distributions and other charitable instruments.

Thank you and best wishes to you and yours this holiday season.
Felice Friedson
Founder, President

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