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Iran: Sanctions Bite, and the Iranian Currency Falls

Iranians are facing a financial tsunami as the national currency (Rial) loses value day by day as sanctions against Iranian oil and the banking system get tougher. The Rial was trading at nearly 20,000 to the U.S. dollar on Saturday on the black market, compared to 18,000 Rials a day earlier.

Some bloggers blame Mahmoud Ahmadinejad for failing to keep his economic promises. Fasl tazeh says [fa]:

One dollar is currently traded at about 2,200 tomans (22,000 Rials) and Mahmoud Ahmadinejad took a trip to Mashhad to talk about Taziyeh [religious art].

Nikahang Kowsar, Image from Roozonline

Nikahang Kowsar, Image from Roozonline

Harfayi az Tahe Del says:

 

The Iranian regime [Velyate Faghieh] took Iran and its people hostage for its useless nuclear energy…. The economy is collapsing… dark days are ahead of us… with prayer nothing will get changed… This regime and its nuclear energy only gave th Iranian people poverty and misery.

The blogger Sight writes [fa] ironically, that is it a bad thing that “most of our people became millionaires. You need to have one gold coin to have one million tomans”.

Hamdel writes [fa]:

… People consider the Islamic Republic's political and economic situation unstable and they exchange their Rials to Dollars, Euros and gold. The Islamic Republic moves into the direction that there is no hope for economic and political improvements. Concerning the economic situation, we can compare Iran to a bankrupt company. In regards to foreign policy, Iran is in the worst situation of the last 30 years and is led by Iran's Leader Ayatollah Seyed Ali Khamenei. More and more workers become jobless and people's purchasing power is declining.

Dara2011 predicted fall of the Rial a couple of weeks ago. The blogger says [fa]:

… since the Islamic Revolution, Iran's leaders do not care about the economy and just want to remain in power. During Ahmadinejad's presidency the economic situation has deteriorated more. A Dollar was around 70 Rials in 1979 and now we buy at 14,000 rials because the Dollar is on its way to becoming 2,000 rials. Does Iran become Middle East's Zimbabwe, with a national currency without value?

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