DUBAI Another recession in the Iranian realm is “temporary,” Iranian President Hassan Rouhani said Tuesday, adding that the currency has fallen to its lowest level in decades.
According to the foreign exchange site Bonabast.com, the U.S. The Dollar was offered about 205,000 serials on Tuesday, 188,200 serials on Friday, and 198,000 serials on Monday, which oversees the informal market.
The official rate quoted by the Central Bank website is 42,000.
"The backlash in the foreign exchange market is only temporary and there are no fundamental economic factors and the exchange market must rebound," said Iranian state TV Rouhani.
The latest collapse came four days after the US nuclear watchdog refused to pay for two suspected former nuclear sites from Tehran.
Iranian officials dismissed the recession as an "exaggeration" following a resolution that raised diplomatic pressure on Tehran.
Rouhani said: "The psychological war against Iran and the unrealistic concern of the public are the main reasons for the recent fluctuations in the foreign exchange market."
In 2018, President Donald Trump will address the U.S. Iran signed the 2015 nuclear deal with six powers and re-enforced its sanctions on Tehran, which mainly targeted its major sources of income - oil exports - as well as the financial sector.
Iran's oil revenues fell to $ 8.9 billion in March from $ 119 billion in 2011, Iranian officials said last week
Already under pressure from US sanctions, the Iranian economy is getting worse as the coronavirus spreads. Iran is one of the most affected countries in the Middle East, with 209,970 infected cases and 9,863 deaths, according to the Iranian Ministry of Health.
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