Iran proposing "oil products for gold" barter plan with Africa

Lester Mason
August 2, 2018

Its national currency Iranian Rial crashing to its record low level against US Dollar with one USD quoting 44160 Iranian Rial.

The Iranian rial has plummeted in recent days as the country anxiously awaits the re-imposition of full USA sanctions, the first of which will snap back starting August 6.

Last week, the government replaced Valiollah Seif, the governor of the central bank, effectively blaming him for the nation's economic straits. It vowed fresh countermeasures "in the coming days".

The government set an official rate of 42,000 rials for a dollar in April and threatened to crack down on those trading currency on the black markets.

The banks, however, refused to sell their dollars at this artificially low rate and the authorities were forced to mitigate their position, allowing for more flexible conditions for some importers.

The deal had placed tight restrictions on Iran's nuclear program in exchange for billions of dollars in sanctions relief.

Iran's oil exports could fall by as much as two-thirds due to the sanctions, straining oil markets.


Photo taken on July 30 2018 shows a labour at the Grand Bazaar, the trade center in Tehran, Iran.

The rial has lost more than half its value against the dollar in just four months.

Iran's currency plumbed new depths on Monday, dropping past 120,000 rials to the dollar, as Iranians brace for August 7 when Washington is due to reimpose a first lot of economic sanctions following Trump's withdrawal from the nuclear deal.

With the collapse of the rial's value against the United States dollar, Iran's implied annual inflation rate has surged to 203 percent, Forbes reported.

The video was the latest in a series of such clips in which Netanyahu appeals directly to the Iranian people whom he encourages to stand up to the regime.

Trump responded on Twitter that Iran must never again threaten the United States or it would suffer "consequences the likes of which few throughout history have ever suffered before".

Other reports by Iphone Fresh

Discuss This Article

FOLLOW OUR NEWSPAPER