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Iran's Rial hits record-low 100,000 to the dollar

TEHRAN (AFP) - Iran's currency hit a record low on Sunday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full US sanctions.

 

 

 

 

The rial has lost half its value against the dollar in just four months, having broken through the 50,000-mark for the first time in March.

 

The currency collapse was encouraged by the US announcement in May that it was pulling out of the 2015 nuclear deal, that lifted certain sanctions in exchange for curbs to Iran's atomic programme.

 

The US is set to reimpose its full range of sanctions in two stages on August 6 and November 4, forcing many foreign firms to cut off business with Iran.

 

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