Iran Focus

London, 2 August – The Iranian currency fell to a record low on Monday, just one week before the US begins re-imposing sanctions on Iran , which has sparked fears of prolonged economic turbulence and increased civil unrest.

As the market closed on Monday night, Iran’s rial was trading at 122,000 to the US dollar, which constitutes a rapid drop from Saturday when it was trading at 98,000. Many Iranians are already seeing their savings dwindle due to the failing economy and are rushing to buy hard currencies (US dollar/British pound) or gold, which are better able to retain value.

Iran Focus

London, 1 August – Iran’s official rial currency hit a record low of over 100,000 rials to the dollar on Sunday, the latest in a series of economic pitfalls for the country, which is now suffering from an extensive economic crisis and the imminent threat of returning US sanctions.

Iran Focus

London, 1 August – Housing costs in Tehran have increased by more than 50% in the past year, according to the Central Bank of Iran (CBI).

In its latest report on the housing market of Iran’s capital city, CBI reported that compared with the same period from last year, residential real estate prices have risen by 54.4% and the price per square meter is currently 69.7 million rials (roughly $1,600).

Iran Focus

London, 31 July – The Iranian rial hit a record low on Sunday, trading at over 100,000 rials to the US dollar as the country braces itself for the first batch of economic sanctions from the US on August 7.

According to Iran’s unofficial market – this actually refers to the global exchange market following Iran’s decision to artificially fix the exchange rate following the last fall in the rial – the value of the rial dropped from 97,500 rials to the US dollar to 112,000 overnight this weekend.

These figures are gathered from foreign exchange website Bonbast.com, but other websites had the rial valued at between 108,500 and 116,000 rials per US dollar.