08272016Sat

Iran's currency plummeted again

Iran Focus: The rate of Iranian currency, rial, against the US dollar has again plummeted. The dollar sold between 3,500 to 4,100 rials in parts of Tehran. The rate had stabilized between 2,900 and 3,300 rials for each dollar. The rate has increased to 3,500 to 3,700 rials in recent days.

Iran Focus

Tehran, Dec. 25 - The rate of Iranian currency, rial, against the US dollar has again plummeted. The dollar sold between 3,500 to 4,100 rials in parts of Tehran. The rate had stabilized between 2,900 and 3,300 rials for each dollar. The rate has increased to 3,500 to 3,700 rials in recent days.

In addition, the government has increased taxes six-fold. Dentists now have to pay an annual tax of 700 million rials ($54593) up from 120 million rials ($9770) the previous year.  Prices for consumer goods have also risen six to seven-fold.

In the central city of Isfahan, many factories have laid off their newly-employed workers due to the worsening economic situation. They have also sent veteran workers to mandatory vacation without pay.

 

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