The Iranian currency drops 18% in two days



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The Iranian currency has traded to a new record low of 119,000 for a dollar Tuesday, a loss of nearly two-thirds of its value since the beginning of the year while US sanctions are looming.

The Iranian rial crushes In recent days, the country looks forward to the reimposition of full US sanctions, from 6 August.

For the first time, it hit $ 100,000 for a dollar on Sunday and continued its decline, losing 18% of its value in less than two years.

On January 1, the dollar was worth 42,900 rials

The Government was in crisis mode, replacing his central bank chief last week.

The central bank issued a statement on Monday, accusing currency volatility over the "conspiracy of enemies" and vowing new countermeasures "in the coming days".

In April, the government tried to set the rial's value at 42,000, but black rates exploded illegal traders, seeking to protect their savings by buying dollars, or by investing in the hope that the rial would continue to fall.

As banks often refused to sell their dollars at artificially low rates, the government was forced to relax its line in June, allowing more flexibility for some groups of importers.

Having announced in May that it was pulling out of the 2015 nuclear deal, the United States should reimpose its full range of sanctions in two stages on August 6 and November 4.

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