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Iran’s currency slumps 12% as sanctions bite

AFP [1]
January 2, 2012

Iran’s currency, the rial, slumped 12 percent in street trading Monday, accelerating a slide triggered on the weekend when the United States activated new sanctions over Tehran’s nuclear drive.

The rial was being exchanged for 17,800 to the dollar late Monday.

Before US President Barack Obama on Saturday signed into law the new sanctions targeting Iran’s financial sector and central bank, the rial was trading around 15,500 to the dollar.

Over the past year, the rial has lost 66 percent of its value against the dollar.

The European Union is mulling its own additional sanctions, including a possible embargo on Iranian oil imports. If those are decided at an EU foreign ministers’ meeting at the end of this month, Iran’s rial could show further strain.

Full article here [1]