News

TEHRAN, Jan. 18 (Xinhua) -- Iran's currency value has kept critical depreciation against foreign currency in the recent weeks.

On Wednesday, Iran's rial hit a new record against the U.S. dollars in the street market in Tehran. On the day, one U.S. dollar was exchanged for about 18,000 rials compared to 16,800 rials on Monday, the lowest ever value of Iranian rial.

The new slump in Iran's currency rate comes days ahead of EU foreign ministers' meeting on Jan. 23. The EU foreign ministers are expected to discuss further sanctions on Iran's oil exports.

The Iranian currency came under heavy pressure earlier in January after the U.S. sanctions on Iran's Central Bank was announced.

On Jan. 2, one dollar was exchanged for 17,800 rials in the street market in Tehran which showed almost 2,300 rials difference, slightly over 10 percent, in comparison with its rate two days earlier on which one dollar was exchanged for 15,500 rials in Tehran's street market.

On Dec. 31, 2011, U.S. President Barack Obama signed a wide- ranging defense funding bill, calling for new sanctions against financial institutions doing business with Iran's state banking institutions.

The bill, approved by U.S. Congress earlier in December, aimed at reducing Tehran's oil revenues but gives the U.S. president powers to waive penalties as required.

According to an amendment contained in the sweeping bill, foreign financial institutions doing busine... >>>