Iran's currency on Monday dropped to its lowest value ever against the dollar and officials warned Iranian exporters to bring their foreign earnings home from abroad.
Money exchange shops briefly traded the Iranian rial 200,000 for a dollar and later in the day, the currency was valued at 198,000 rials against the dollar. The lows were a new record after the rial on Saturday traded at 190,000 for the dollar.
The plunge of the rial comes amid severe U.S. sanctions imposed on Tehran. Iran's Senior Vice-President Eshaq Jahangiri on Monday urged Iranian exporters to bring home their earnings from abroad. Last week, Jahangiri said Iran's oil revenues have plummeted to $8 billion from $100 billion in 2011. The country's commerce ministry warned that it would revoke export licenses for those who fail to comply and bring the hard currency home while Iran's central bank said on Sunday that it would publish the names of the violators.
Iranian companies reportedly export non-oil products in the value of more than 40 billion dollars a year, and officials say about half of that money stays abroad. The rial has tumbled from a rate of 32,000 rials to $1 at the time of Tehran's 2015 nuclear deal with world powers. The currency unexpectedly rallied for some time after President Donald Trump's decision to withdraw the U.S. from the nuclear deal and reimpose crippling trade sanctions on Iran more than two years ago.Related Stories
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Players to vote Monday but not a lot of optimism in MLB's proposed 60-game seasonAccording to ESPN's Jesse Rogers, Major League Baseball players have reversed course, deciding not to vote on Sunday on the league's 60-game proposal, as commissioner Rob Manfred made late tweaks to the offer.
Read more »
Report: Dallas Cowboys QB Dak Prescott plans to sign franchise tender by Monday - TSN.caDallas Cowboys quarterback Dak Prescott is planning to sign his $31.4 million exclusive franchise tender by Monday, per ESPN's Adam Schefter. The ESPN NFL insider adds that once Prescott officially signs his tender, he will be contractually obligated to report to training camp on time, whether or not he and the Cowboys can figure out a long-term deal.
Read more »
Ukrainian president praises relationship with Trudeau but mum on support for Security Council seatIn an exclusive, wide-ranging interview with The Globe and Mail, President Volodymyr Zelensky talks about dealing with Putin, Trump and Iran amidst the pandemic
Read more »
Third migrant farm worker dies as Canada reaches deal with MexicoJust before the weekend, the Haldimand-Norfolk Health Unit provided an update on the Scotlynn outbreak, noting that two workers were in intensive care
Read more »