Forex
Iranian Rial Crashes to New Record Against USD Amid US Sanctions Pressure
The Iranian Rial has experienced a sharp decline in value against the US Dollar. The exchange rate surpassed 2.08 million rials on August 30, setting a new record.
According to Abdolnaser Hemmati, head of Iran's Central Bank, the rise in exchange rate is due to 'US posturing and propaganda'. However, external pressure on Iran's financial network has taken on new dimensions with the US Treasury Department accusing Banque Misr of conducting Iran-related transactions.
The Central Bank of the United Arab Emirates has announced an immediate inspection of Banque Misr's branches in the country. U.S. Treasury Secretary Scott Bessent described these measures as 'economic exclusion', the final stage of economic warfare against the Iranian regime.