The Iranian rial plunged to 112,000 for each US dollar Sunday on unofficial markets, a further decline from 97,500 rials on Saturday. Another 29 people were arrested on charges of disrupting the economy and corruption. With tougher sanctions in store, the outlook is bleak.
On Aug. 7, the US reapplies sanctions on Iran’s purchase of dollars, trade in metals and US imports of carpets and foodstuffs, as well as on certain financial transactions. Iran’s oil exports are expected to decline by two-thirds when the US ban goes into force from November 4.
Source: Iran’s currency plummets further to 112,000 rial per dollar (DEBKAfile)