Iran's currency crisis triggers corruption crackdown

Iran's currency crisis triggers corruption crackdown”

Its national currency Iranian Rial crashing to its record low level against US Dollar with one USD quoting 44160 Iranian Rial.

US officials tell Reuters that the goal of Trump's push is to curb Iranian behaviour, which America, its Gulf allies and Israel say has fuelled instability in the region through Tehran's support for militant groups.

Having announced in May that it was pulling out of the 2015 nuclear deal, the United States is set to reimpose its full range of sanctions in two stages, on August 6 and November 4.

The rial has lost more than half its value against the dollar in just four months.

The government has been in crisis mode, replacing its central bank chief last week.

Middle East Eye reports in its article Iran currency extends record decline as U.S. sanctions approach that Iran's currency hit a new record low on Sunday, dropping past 100,000 rials to the United States dollar as Iranians brace for 7 August, when Washington is due to reimpose a first raft of economic sanctions.

In April, the government attempted to fix the rate at 42,000 rials, saying the move would crack down on black market traders.

The central bank issued a statement on Monday, blaming the currency volatility on the "enemies' conspiracy" and vowing fresh counter-measures "in the coming days".

Iranian authorities investigating possible profiteering in auto and mobile-phone imports have also stepped up their arrests. Other websites said the dollar was exchanged between 108,500 and 116,000 rials.

Iran has been primarily buying gold from the UAE and South Africa with some reports already emerging in the media that the country has intensified its purchases of the precious metal over the past few years.

As part of that effort, U.S. Secretary of State Mike Pompeo on July 22 compared Iran's leaders to a "mafia" and promised unspecified backing for Iranians unhappy with their government.

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