Iran currency drops to lowest value ever amid US sanctions

FOX NEWS – June 12th 2022

Iran’s currency Sunday dropped to its lowest value ever as talks to revive the country’s tattered nuclear deal with world powers remained deadlocked.

Traders in Tehran exchanged the rial at 332,000 to the U.S. dollar, up from 327,500 on Saturday. That marked more than a 4.4% change compared to June 1, when it traded at 318,000 to the dollar.

Iran’s currency was trading at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.

The rial’s new low came as U.S. sanctions against the country are still in force.

Iran’s economy is struggling mightily, mostly because of the U.S. pullout from the 2015 nuclear deal between Iran and world powers that restored sanctions on Iran’s oil and banking sectors. Talks in Vienna to renew the agreement have been deadlocked for months.

Meanwhile, police arrested 31 currency and gold traders accused of creating “false demand” in the market, state TV reported without elaborating.

Separately, Iran’s Mahan Air spokesman denied owning a Boeing 747 that Argentina seized after it landed Monday in Cordoba, Argentina.