Iranian currency falls to record low amid isolation and sanctions

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Ties between the EU and Tehran have deteriorated in recent months as efforts to restart nuclear talks stalled. Iran has detained several European citizens and the bloc has become increasingly critical of the violent treatment of protesters and the use of executions.

The EU is discussing a fourth round of sanctions against Iran and diplomatic sources said members of the Revolutionary Guards will be added to the bloc’s sanctions list next week. But some EU member states want to go further and classify the Guardians as a whole as a terrorist organization.

The dollar was selling for as much as 447,000 rials on Iran’s unofficial market on Saturday, compared with 430,500 the previous day, according to exchange site Bonbast.com.

The rial has lost 29% of its value since protests across the nation following the death in police custody of a 22-year-old Iranian Kurdish woman, Mahsa Amini, on September 16.

The unrest has posed one of the biggest challenges to theocratic rule in Iran since the 1979 Islamic Revolution.

The economic website Ecoiran blames the continued decline of the rial on an apparent “global consensus” against Iran.

“Increased political pressures, such as the placement of the Revolutionary Guards on a list of terrorist organizations, and the imposition of restrictions on ships and oil tankers linked to Iran… are factors that indicate a global consensus against the -Iran, (which could affect) the dollar rate in Tehran,” said Ecoiran.

The European Parliament called on Wednesday for the EU to list Iran’s Guards as a terrorist group, blaming the powerful force for cracking down on protesters and supplying Russia with drones. The assembly cannot force the EU to add force to its list, but the text was a clear political message for Tehran.

Panama’s shipping registry, the world’s largest, has withdrawn its flag from 136 vessels linked to Iran’s state oil company in the past four years, the maritime authority said. of the country this week.

Iran’s central bank governor Mohammad Reza Farzin on Saturday blamed the fall of the rial on “psychological operations” that Tehran says its enemies are organizing to destabilize the Islamic Republic.

“Today, the central bank faces no restrictions in terms of foreign currency and gold resources and reserves, and media deception and psychological operations are the main factors behind the variation in -free exchange rate,” state broadcaster IRIB quoted Farzin as saying.

Facing an inflation rate of around 50%, Iranians looking for a safe haven for their savings have been trying to buy dollars, other hard currencies or gold.

(Reporting by Dubai newsroom)

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