Page 31 - IRANRptDec20

Iran’s rial sinks to another all-time low
“The plan to slash four zeroes is being pursued in the new parliament but the CBI would print zeroes in a light-hued form on the new notes it prints so that it can symbolise a transition.” said Hemmati on his personal Instagram feed. The introduction of the “10 toman note” follows the “​100 toman cheque​”, a larger note used as currency but officially designated as a non-signed cheque.
The “Iran Cheque” is for IRR1,000,000, but with four zeros faded out it appears as “100”.
Free market money exchange shops in Tehran were on October 11 selling the dollar at Iranian rial (IRR) 317,570—the latest all-time low for Iran’s currency. It finished the day at 309,500.
The price at the time of the signing of the nuclear deal between Iran and major powers was 32,000 rials.
The latest depreciation seen in the currency comes after the US last week introduced sanctions that mean that Iran is now almost entirely cut off from the global financial system and with officials battling an intensifying third wave of the coronavirus (COVID-19) pandemic.
On October 1,​ ​Iran’s rial hit the 300,000-to-a-dollar threshold for the first time on the unregulated free market in Tehran,​ weakening to all-time low as tensions with the US tightened and as what Iranian officials are describing as a “third wave” of the coronavirus (COVID-19) pandemic continued to take a toll on the economy.
The Iranian rial (IRR) has now lost more than 46% of its value since January. The deteriorating outlook for Iran appears to have stoked panic buying of euros and dollars on the open market. By the end of trading on October 1, bombast.com recorded the IRR at exactly 300,000 versus the USD.
to large-denomination currency bills in the country.
31​ IRAN Country Report December 2020 www.intellinews.com