Iranian Currency ‘Rial’ falls below 20,500 Per Dollar

Stop Fundamentalism – Iranian news media reported today that this country’s money is now worth even less than last week comparing to Dollar.  Mehr news agency reported that while the Central Bank of Iran is silent, Dollar is sold in Iran’s open market for 20,500 Rial each.  That is over 10% loss in value since last Friday for the currency.

“Iranian Central Bank is only an observer to the rise in prices of foreign currency and gold coins,” said the government-run news agency, “earlier CBI decisions have had no impact on the rising prices.”

Euro was sold for 26,000 Rials today in the open market.

The head of a special committee for economic progress in Iran’s parliament said today that the Central Bank has retreated from managing currency value. 

“I believe that all expectations should be from the President himself from now on,” said Mesbahi blaming the problem on Iranian President Mahmoud Ahmadinejad, “ he should enter the scene and prevent any bad incident  from continuing.”