Tags: Iran | Currency

Iran's Currency Reaches Lowest Value Ever against the Dollar

Iran's Currency Reaches Lowest Value Ever against the Dollar

Monday, 22 June 2020 07:39 AM EDT

TEHRAN, Iran (AP) — 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.

The sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.

© Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
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...
Iran,Currency
258
2020-39-22
Monday, 22 June 2020 07:39 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© 2025 Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved