S. Korea's CPI 2.2% up YoY in June '25    Egypt, UNCTAD discuss investment, economic cooperation in Spain    EGP nudges lower against USD in early July 2 trading    Gaza under Israeli siege as death toll mounts, famine looms    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Egypt Post discusses enhanced cooperation with Ivorian counterpart    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Opella becomes first global consumer healthcare firm to gain B Corp status    Philip Morris Misr announces new price list effective 1 July    Egypt's FM backs IAEA role, urges de-escalation on Iran nuclear issue    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Iran's rial hits new low against dollar as economy reels
Published in Ahram Online on 10 - 10 - 2020

The Iranian rial fell to a new low against the U.S. dollar on Saturday as the economy reels under pressure from the COVID-19 pandemic and U.S. sanctions.
The dollar was selling for as much as 304,300 rials on the unofficial market, up from 295,940 on Friday, according to the foreign exchange site Bonbast.com.
The economic daily Donya-e-Eqtesad's website gave the dollar rate as 303,300, up 6,000 rials from Friday.
The currency has lost about 56% of its value in 2020 as a drop in oil prices has deepened the economic crisis in the country, which also has the highest COVID-19 death toll in the Middle East.
The official exchange rate - used mostly for imports of state-subsidised food and medicine - is 42,000 rials per dollar.
The United States on Thursday slapped fresh sanctions on Iran's financial sector, targeting 18 banks to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the U.S. election.
Iranian central bank governor Abdolnaser Hemmati dismissed the sanctions as political propaganda and played down their practical impact.
“What needs to be decided in this regard was decided two years ago,” Hemmati was quoted as saying by Iranian media. “Therefore, the banks that were party to the agreement with Iran have decided to continue trading with Iran.”
Analysts said the sanctions may further deter European and other foreign banks from working with Iran, even for permitted humanitarian transactions.


Clic here to read the story from its source.