BriefingMiddle East & North Africa

U.S. Sanctions One Factor Among Many Behind Iran’s Currency Slide

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Iran’s exchange rate is experiencing unusual volatility, with the U.S. dollar and the euro both rising by more than 25 percent against the Iranian rial over the past three weeks, despite attempts by Iran’s central bank to stabilize its currency. This volatility has coincided with the approval by the United States and the United Kingdom of a new round of sanctions against Iran targeting the Iranian central bank (ICB). The sanctions will deny access to U.S. markets to any firm that engages in financial transactions with the ICB. Since Iran’s commercial banks have already been targeted by similar sanctions, the […]

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