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Iran's Riyal Plunges To Record Low After US Sanctions
Business Insider ^ | 01/02/2012

Posted on 01/02/2012 7:58:13 AM PST by SeekAndFind

TEHRAN, Iran (AP) — Iran's currency hit a new record low to the U.S. dollar on Monday, two days after President Barack Obama signed into law a bill targeting Iran's central bank as part of the West's efforts to pressure Tehran over its nuclear program.

State radio said the Iranian currency's exchange rate hovered around 16,800 riyals to the dollar, marking a roughly 10 percent slide compared to Thursday's rate of 15,200 riyals to the dollar. The riyal was trading at around 10,500 riyals to the U.S. dollar in late December 2010.

The bill signed by Obama on Saturday includes an amendment barring foreign financial institutions that do business with Iran's central bank from opening or maintaining correspondent operations in the United States. The Obama administration, however, is looking to soften the impact of the measure, fearing they could lead to a spike in global crude oil prices or pressure key allies that import Iranian oil.

Iranian official warned last week that the Islamic Republic could easily close the Strait of Hormuz, through which a sixth of the world's oil passes, if the new measures are applied. But analysts and diplomats have downplayed the warning as little more than bluster on the part of Tehran.

The country relies on oil exports for the overwhelming majority of its foreign revenues and shutting the strait would not only affect its oil, but also raises the possibility of a military confrontation.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: currency; iran; sanctions

1 posted on 01/02/2012 7:58:17 AM PST by SeekAndFind
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To: SeekAndFind

Ron Paul will no doubt cite this as evidence that we are inciting Iran to go to war with us.


2 posted on 01/02/2012 7:59:57 AM PST by SeekAndFind
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To: SeekAndFind
The Obama administration, however, is looking to soften the impact of the measure, fearing

...a really nasty letter from CAIR.

3 posted on 01/02/2012 8:12:05 AM PST by immadashell
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To: SeekAndFind
we are inciting Iran to go to war with us.

I sure as hell am no Ron Paul supporter, but he may be right on this one. Why have we all of a sudden been drawing troups down as fast as possible from Iraq an Afganistan. The annointed one badly needs a wag-the-dog scenario. This thing can be triggered at anytime to ensure his reelection. Also could spin out of control and play out the Mayan calendar thing.

4 posted on 01/02/2012 8:12:18 AM PST by suijuris
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To: suijuris

What’s Russia and China been doing? Any unusual movements or financial doings? Should say any unusual unusual movements.


5 posted on 01/02/2012 8:21:12 AM PST by Dallas59 (President Robert Gibbs 2009-2011)
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To: SeekAndFind

Omg who knew they had a currency?


6 posted on 01/02/2012 9:25:48 AM PST by the invisib1e hand (Ignorance is no excuse.)
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To: SeekAndFind

Economic warfare is what we did to Japan—cutting off steel and fuel prior to WWII.

Why is it is unreasonable to expect Iran to react by lashing out at us.

It is not the goal of Islamists to go to war to win. It is the act of taking on the infidel that is important to them.

I think we are trying to incite them.


7 posted on 01/02/2012 11:55:32 AM PST by Vermont Lt (I just don't like anything about the President. And I don't think he's a nice guy.)
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To: Vermont Lt

RE: I think we are trying to incite them.

Chicken and egg. What if they STOPPED threatening Israel, and STOPPED sponsoring terrorists worldwide? Do you think the sanctions will continue?


8 posted on 01/02/2012 12:04:15 PM PST by SeekAndFind
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks SeekAndFind.
9 posted on 01/02/2012 12:28:42 PM PST by SunkenCiv (Merry Christmas, Happy New Year! May 2013 be even Happier!)
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To: SeekAndFind

Well, when shit hits the fan and they lash out at us, I hope no one is surprised.

Don’t get me wrong, I have no love loss for the Iranians.

I am just tired of using our military at the end of a short leash. Either use them correctly and save a ton of American lives...or stop playing games.

But mark this post: when Iran takes a poke at us, there will be thousands of posts about how we are just peace loving democratic republic supporting people who did nothing to instigate them.

It is simply not true.


10 posted on 01/02/2012 12:37:29 PM PST by Vermont Lt (I just don't like anything about the President. And I don't think he's a nice guy.)
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