Stop Fundamentalism – As new U.S. sanctions take effect on February 2, Iranian foreign exchange market seems to be expecting a farther downfall of the country’s currency value.
Up until early last week Dollar was traded at 32,000 Rials in the open money market in Tehran. But throughout the week, the value steadily fell and currently stands above 40,000 Rials per Dollar.
In the country the news about the value of Rial is omitted in the state-controlled media for fears of possible disturbance.
The new sanctions are expected to prevent oil incomes to the country. Iran will only be able to trade oil for products. This will deprive the Iranian regime from acquiring much needed foreign currency.
Western governments are increasingly pressuring Iran to meet its obligations to the international community with regards to its suspected nuclear program. UN nuclear inspectors visited Iran last months but did not succeed in going to a suspicious nuclear site inside a military zone near Tehran by the name of Parchin. IAEA thinks Parchin is where Iran has tested a nuclear trigger that can be used in a nuclear warhead.