Font Size

- Aa +

Mon 16 Jan 2012 01:18 PM

Font Size

- Aa +

Iranian bazaar sees rush to dump rial as sanctions tighten

Iran’s currency has weakened 20% in the past month, boosting demand for dollars and euros

Iranian bazaar sees rush to dump rial as sanctions tighten
A crowd gathers in Tehran's shopping district as people look to sell their currency as sanctions tighten and US tensions escalate (All images courtesy Bloomberg News)
Iranian bazaar sees rush to dump rial as sanctions tighten
Iran's rial has weakened 20 percent in the past month at the official rate offered to Iranians travelling abroad, and by even more in the bazaar
Iranian bazaar sees rush to dump rial as sanctions tighten
Websites posting currency rates have been blocked and many official change bureaus have been closed\n
Iranian bazaar sees rush to dump rial as sanctions tighten
Iran has halved the maximum amount of foreign currency that would-be tourists can buy to $1,000. At the Tehran bazaar it was 16,900
Iranian bazaar sees rush to dump rial as sanctions tighten
The rush for hard currency shows tension is spreading among Iranians, even before the latest sanctions are fully implemented
Iranian bazaar sees rush to dump rial as sanctions tighten
Before the sanctions, growth in Iran's $480bn economy was set to accelerate on higher oil prices
Iranian bazaar sees rush to dump rial as sanctions tighten
Iran has passed a law to penalise unofficial currency trades, with the penalty set at twice the transaction amount\n\n
Iranian bazaar sees rush to dump rial as sanctions tighten
The EU is discussing the terms of an oil embargo, though an official from the bloc has said it might not take affect for six months\n
Iranian bazaar sees rush to dump rial as sanctions tighten
President Barack Obama has signed legislation to deny access to the US financial system for companies or countries that do business with Iran's central bank