Traders expect Iran's currency to fall further
13:25 - 11 January 2012
Kurdpa - According to khabar online, reporting from Tehran, Iran\'s currency rial continued its fall trading at 17,200 to a U.S. Dollar on Tuesday. While the government officials have stated they will bring the currency situation under control, the open market traders are predicting further fall of the currency in the coming days due to the high demand for foreign currencies.
The recent flurry of sanctions announced against Iran by U.S. and European allies, which for the first time target Iran\'s Central Bank, is being credited as the main reason for Iran\'s currency coming under pressure. Furthermore, new rules and regulations announced by the Central Bank and the Parliament have only caused more confusion in the market.
According to Mehr News Agency, the currency fluctuations have also brought the trade in Tehran\'s Bazaar to a halt since most merchants set their prices based on currency rates.
The recent flurry of sanctions announced against Iran by U.S. and European allies, which for the first time target Iran\'s Central Bank, is being credited as the main reason for Iran\'s currency coming under pressure. Furthermore, new rules and regulations announced by the Central Bank and the Parliament have only caused more confusion in the market.
According to Mehr News Agency, the currency fluctuations have also brought the trade in Tehran\'s Bazaar to a halt since most merchants set their prices based on currency rates.
