Menu
Share
Share this story
Close X
 
Switch to Desktop Site

Iran's currency plunges 40 percent, riot police called out (+video)

Iran deployed riot police in Tehran after street protests broke out over Iran's falling currency. Washington says fall of the rial is a combination of Iranian government mismanagement and the bite from tighter sanctions.

Demonstrators take to the streets of Tehran
About these ads

Iran deployed riot police at key Tehran intersections on Thursday, after tensions flared over the nation's plunging currency in the most widespread display of anger linked to the country's sanctions-hit economy.

The show of force reflects the authorities' concerns in the wake of sporadic protests Wednesday over the plummeting currency, which has sharply driven up prices. It has also put Iranian leaders under the most pressure from dissent since crushing the opposition movement after the disputed re-election of President Mahmoud Ahmadinejad in 2009.

Most shops in Tehran's main bazaar were reopened on Thursday, the first day of the Iranian weekend, and no unrest was reported.

RECOMMENDED: How well do you know Iran? Take the quiz

Many bazaar merchants had closed their shops the day before and authorities reported arrests amid efforts to clampdown on black market money exchangers, who effectively set the rates around the country. Trash bins were set ablaze during sporadic confrontations with security forces.

The Prosecutor's Office in Tehran said 16 people have been detained for "disrupting" the currency — an apparent reference to speculators trying to take advantage of the rial's declining value.

Iran's rial has lost nearly 40 percent of its value against the U.S. dollar in the past week. The rate Thursday — about 32,000 rials for the dollar — was a bit higher than the record low earlier this week.

The semi-official Mehr news agency reported that the heads of several business guilds in Iran — production, distribution and technical services — all agreed that shops will also reopen on Saturday, after the Iranian weekend.

Next

Page:   1   |   2


Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.

Loading...