Iran's Currency Plunges to Record Lows

Kurdpa - Iran\'s currency rial dropped to a record low on Tuesday. According to latest reports, U.S. dollar is selling for 15,050 in the open market at the foreign currency exchange offices.

According to AP, The Iranian president says his administration will do everything it can to save the national currency from plunging further out of control. Iran has restricted cash withdrawals and allows banks to sell only $2,000 per year to each person traveling outside the country.

In 1979, 1 rial equaled $0.0141. The value of Iran\'s currency declined precipitously after the Islamic revolution because of capital flight from the country. In July 1999, 9430 rials amounted to one dollar. However, the value of the rial had become more stable since 1999, as the economy of Iran was growing rapidly and away from the dollar zone.

Source - AP