Iran's currency reaches lowest value ever against the dollar
Tehran, Iran (AP) - The Iranian currency dropped to its lowest ever level against the dollar on Monday, and officials warned Iranian exporters of taking their foreign earnings home from abroad.
Currency exchanges briefly exchanged the Iranian 200,000 rial for a dollar, and later in the day the currency was valued at 198,000 rial against the dollar. The lows were a new high after the rial traded at $ 190,000 on Saturday.
The fall of the rial takes place amid severe U.S. sanctions against Tehran. Iranian senior vice president Eshaq Jahangiri called on Iranian exporters on Monday to bring their earnings abroad. Last week Jahangiri said Iranian oil revenue fell from $ 100 billion in 2011 to $ 8 billion.
The country's Department of Commerce warned against revoking export licenses for those who do not respect the hard currency and take it home, while the Iranian central bank said on Sunday that it would publish the names of the violations.
Iranian companies are reported to export more than $ 40 billion a year in non-oil products, and officials say about half of that money stays abroad.
The rial fell from 32,000 rials to $ 1 at the time of the Tehran nuclear deal with the world powers in 2015. The currency rebounded unexpectedly some time after President Donald Trump decided more than two years ago to withdraw the US from the nuclear deal and to impose crippling trade sanctions on Iran.
The sanctions have caused Iranian oil exports, the country's main source of income, to decline sharply.
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