Stop Fundamentalism – While the Iranian government is trying very hard to keep the value of its currency Riyal from falling further, in face of a European total oil embargo against the country, it seems once again Riyal is going for a dive.
Yesterday Dollar was sold at about 19340 Riyals while today it is sold at 19470, reports Mehr state-run news agency.
Last week reporters indicated the value of Dollar to have gone up as high as 20800 Riyals.
Earlier this year the value of Dollar more than doubled when serious sanctions were introduced by the European countries and the United States, aimed at Iran’s Central Bank and its oil industry. The Iranian government took measures at the time, including regulating and even punishment of those who sold Dollar at prices higher than the stated government price. Measures, at least momentarily, helped stabilize the currency.
The new decent in the value of Riyal shows the Iranian government, despite all the propaganda, is highly under pressure due to the sanction against it.
The European oil embargo against Iran went in to effect on July 1 following a six months period western countries allowed for Iran to reconsider its nuclear enrichment policies and program.
Going through many negotiations, again the P5+1 failed in Moscow to convince Iran to back off its nuclear program that many say it is to produce nuclear bombs.