Iranian currency falls to record low amid EU plan to extend sanctions against Tehran
JEDDAH: Iran’s troubled currency the rial fell to a record low against the US dollar on Saturday amid talks in European countries to impose fresh sanctions on 37 Iranian officials and organizations over the regime’s crackdown on protesters.
Iran’s growing isolation in the global community also comes amid warnings over Tehran’s growing role in fueling unrest in the Middle East region and supplying drones that have caused mass death and destruction in Ukraine.
Relations between the EU and Tehran have deteriorated in recent months as efforts to revive nuclear talks have stalled. Iran has detained many European citizens and the bloc has become increasingly critical of protesters for its violent treatment and use of executions.
EU foreign ministers agree to adopt a fourth package of sanctions on Tehran over its crackdown on protesters at an already scheduled meeting in Brussels on Monday.
The European Parliament on Wednesday called on the European Union to list Iran’s Guards as a terrorist group, blaming the powerful force for its crackdown on protesters and supplying drones to Russia. The assembly cannot compel the EU to add the force to its list, but the text was a clear political message for Tehran.
The country’s maritime authority said this week that Panama’s vessel registry, the world’s largest, has withdrawn its flag from 136 ships belonging to Iran’s state oil company over the past four years.
Iran has been rocked by protests since the September 16 death of Mahsa Amini, a 22-year-old Iranian Kurdish woman, following her arrest in Tehran for allegedly failing to comply with the Islamic republic’s strict dress code.
Iran has arrested at least 14,000 people in the wave of protests, according to the United Nations.
Authorities have executed four people and sentenced a total of 18 people to death for their roles in the unrest, sparking widespread international outrage.
The European Union has imposed asset freezes and visa sanctions on more than 60 Iranian officials and entities for their crackdown on protesters, including targeting Tehran’s “morality police”, Revolutionary Guard Corps commanders and state media.
The dollar was selling for up to 447,000 rials in Iran’s informal market on Saturday, compared to 430,500 rials the previous day, according to forex site Bonbast.com.
The rial has lost 29 percent of its value since the nationwide protests began.
Iran’s currency has lost 29 percent of its value since Mahsa Amini’s nationwide protests began on 16 September. (Wana Photo via Reuters / File photo)
Iran’s central bank governor Mohammad Reza Farzin blamed the rial’s collapse on Saturday on a “psychological operation” that Tehran says its enemies are conducting to destabilize the Islamic republic.
State broadcaster IRIB quoted Farzin as saying, “Today, the central bank has no restrictions in terms of foreign exchange and gold resources and reserves, and media fraud and psychological operations are the main factors behind free exchange rate fluctuations.” “
Facing an inflation rate of nearly 50 percent, Iranians looking for a safe haven for their savings are trying to buy dollars, other hard currencies or gold.
The Economic Ecoiran website blamed the rial’s continued decline on an apparent “global consensus” against Iran.
“Increasing political pressure, such as the listing of the Revolutionary Guards as terrorist organizations, and sanctions on ships and oil tankers linked to Iran … are factors pointing to a global consensus against Iran, (which may influence ) dollar rate in Tehran,” Ecoiran said.
Separately, Iran’s sports minister has ordered an investigation into allegations of sexual assault targeting teenagers at a football academy in the country’s northeast.
“A former media manager of the city Khodro football team has claimed on social media that parents of 15 players from the club and its academy filed sexual harassment complaints against the club and its coaches,” state news agency IRNA reported. Is.” , City Khodro Football Club is based in Mashhad.
On Friday, local newspaper Shahrara reported on its website that families of the club’s players had gathered outside the headquarters of the provincial football organization to protest the “tragedy”.
,Reuters, with AFP,