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- Accounting Campaign
- Airports Campaign
- Auto Campaign
- Cranes Campaign
- GAO Campaign
- Germany Campaign
- Hotels Campaign
- IRGC Campaign
- Lebanon Banking Campaign
- Luxury Campaign
- Port Authority Campaign
- Rial Currency Printing Campaign
- Shipping Campaign
- Shipping Sanctions Fraud
- SWIFT Campaign
- Tech & Telecom Campaign
- Tunneling & Construction Campaign
- UN Campaign
UANI devised the Iran Currency Tracker to track the value of the rial and demonstrate the effects that international sanctions, heightened reputational risk and economic mismanagement by the regime are having on the Iranian economy.
The international community has united in an effort to adopt measures to economically isolate the Iranian regime. The rationale for such action is based on strong empirical evidence that newly adopted measures by the U.S. and EU to sever Iran from international trade and financial markets are having a tangible impact on the Iranian regime.
Clear evidence of this can be seen in the value of Iran’s currency, the rial, which is presently in free-fall. There are three key figures to consider when looking at the rial’s value:
- The official exchange rate
The official exchange rate is set by the Central Bank of Iran. The central bank has periodically imposed new official exchange rates to try and counter rampant currency trading on the black market.
- The black market exchange rate
This unofficial rate is used among private and everyday transactions and is considered much higher than the official rate. Recently, black market value of the rial has plummeted due to increasing sanctions pressures.
- The difference between the official exchange rate and the black market exchange rate
The widening gap between the official and black market rate demonstrates the Iranian regime’s increasing disconnect from the deteriorating economic reality.
The decline in the value of the rial demonstrates that the leadership’s political decisions and economic mismanagement have degraded the Iranian economy and seriously limited economic opportunities and prosperity for the Iranian people. Furthermore, the growing difference between the official and unofficial exchange rates shows that economic pressures have caused the regime to increasingly lose control over its economy and its people. Now is the time to sustain existing measures put in place to pressure the Iranian regime and also adopt additional measures to ensure that Iran faces the most robust sanctions in history.
*** The tracker is not a currency trading device. The yellow line represents figures based on the official figures of the Iranian exchange rate. The blue line represents an estimate of the unofficial real market rate; these figures were pulled from Mesghal.com, Mazanex.com and news reports.
|July 1, 2010||CISADA Enacted||
$1 = 10,000.00 rial (based on official rate)
President Barack Obama signs the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) into law. UANI’s certification provisions were included in this piece of federal legislation. As a result, U.S. government contractors face debarment from federal procurement lists and ineligibility for lucrative government contracts if they do business in Iran. The rial stabilizes over the next three months given that no additional measures are taken to further pressure the Iranian regime.
|September 22, 2010||UANI Protests the Iranian Delegation in NYC||
$1 = 9,934.16 rial (based on official rate)
Iranian President Mahmoud Ahmadinejad speaks at the UN General Assembly. As part of its annual Hotels Campaign, UANI and its supporters protest the Iranian delegation at the Hilton Manhattan East Hotel. After Ahmadinejad’s statement and public protest, the rial drops to a low of 10,275.00 rial per $1 over the following 2 weeks.
|October 4, 2010||European Oil Firms End Investments in Iran||
$1 = 10,258.87 rial (based on official rate)
European oil firms Total, Statoil, Eni and Royal Dutch Shell pledge to comply with U.S. sanctions and end investments in Iran. Through the Iran Disclosure Project, UANI has called on these companies to disclose the full extent of their business in Iran. A big hit to Iran’s oil industry, the rial falls another 2.4% in four days.
|December 16, 2010||UANI Calls on Hyundai to End Iran Business||
$1 = 10,402.16 rial (based on official rate)
UANI calls on Hyundai Motor Company to end its business in Iran. Hyundai had been conducting business in Iran through the export and manufacture of passenger and commercial vehicles. Hyundai also held significant ownership shares in several companies that have reported business in Iran.
|January 2011||Gap Widens Between Rial and Dollar||
$1 = 10,352.08 rial (based on official rate)
The Financial Times reports that “the gulf between the two [exchange] rates has been widening since January , when the dollar was traded at 10, 700 rials on the open market….”
|January 6, 2011||UANI Calls on NYC Mayor to Refuse to Award Contracts to Companies with Iran Business||
$1 = 10,357.46 rial (based on official rate)
UANI calls on New York City Mayor Michael Bloomberg to refuse to award the contract for the Taxi for Tomorrow campaign to any company that conducts business in Iran. Two of the three finalists of this lucrative contract, Japan’s Nissan Motor Company (“Nissan”) and Turkey’s Karsan Otomotiv (“Karsan”), do business in Iran.
|March 16, 2011||UANI Calls on Terex to End Iran Business||
$1 = 10,306.41 rial (based on official rate)
UANI calls on Terex Corporation to end its business dealings in Iran and prevent the Iranian regime from using Terex cranes for public executions. Terex is an American construction company based in Westport, CT. It is also a major contractor with the U.S. Department of Defense.
|March 24, 2011||Terex Ends Iran Business Following UANI Campaign||
$1 = 10,360.93 rial (based on official rate)
Earlier in the month, UANI called on Terex to end its business dealings in Iran as part of UANI’s Cranes Campaign. Subsequently, Terex has pledged to end its Iran business and earn no future revenues from any of its previous contracts there.
|April 19, 2011||UANI Launches Fiat Campaign||
$1 = 10,445.78 rial (based on official rate)
UANI calls on Fiat to end its business in Iran and announced ads in the am NEW YORK and Metro New York newspapers. The ads have a circulation of approximately 700,000 in the New York metropolitan area.
|April 28, 2011||UANI Calls on Liebherr to End Iran Business||
$1 = 10,479.20 rial (based on official rate)
As part of its Cranes Campaign, UANI calls on Swiss-German construction equipment manufacturer Liebherr to end its business dealings in Iran. As one of Iran’s largest suppliers of cranes, Liebherr is enabling the Iranian regime to continue its brutal execution binge, which includes the hanging of civilians from construction cranes.
|June 7, 2011||Doosan Corporation/Bobcat End Their Iran Business||
$1 = 10,590.86 rial (based on official rate)
Doosan Corporation of South Korea and its American subsidiary, Bobcat, end their business in Iran. UANI previously called upon these companies to end their dealings in Iran, particularly those in Iran’s energy sector. This is an important divestment from both Iran’s oil and construction sectors.
|June 13, 2011||Iranian Protestors Mark Second Anniversary of 2009 Elections||
$1 = 10,649.70 rial (based on official rate)
Tens of thousands of Iranians marked the second anniversary of the illegitimate 2009 presidential elections that sparked an uprising with a nationwide silent march against the Iranian regime. The rial drops a staggering rate of 11,623.45 rial per $1 in just the next day.
|August 24, 2011||Following UANI Campaign, Leibherr Ends Iran Business||
$1 = 10,589.43 rial (based on official rate)
In recent correspondence with UANI, Leibherr executives stated that Liebherr “will cease all business operations in Iran.” UANI applauds Leibherr for its decision, which it made after learning about the Iranian regime’s use of construction cranes for gruesome public hangings.
|November 1, 2011||UANI Calls on Huawei to End Iran Business||
$1 = 10,809.86 rial (based on official rate)
UANI calls on Chinese telecommunications company Huawei Technologies to immediately end its business in Iran. Huawei has been providing the Iranian regime with cellular and electronic technology that it uses to conduct surveillance on its citizens, and track down human rights activists and dissidents.
|November 10, 2011||Multiple Rates for the Rial||
$1 = 10,831.04 rial(based on official rate)
The Iranian currency market faces multiple exchange rates for its currency given the economic pressures of international sanctions. The Financial Times reports that “one U.S. dollar bought 13,350 rials on the open market on Thursday…. The gulf between the two rates has been widening since January, when the dollar was traded at 10, 700 rials on the open market….”
|November 16, 2011||P5+1 Make “Progress on IAEA Resolution||
$1 = 10,849.25 rial (based on official rate)
World powers claim to make progress in how to respond to the November 8th IAEA report that suggested Iran has worked on designing a nuclear weapon. The rial recovers to a rate of 7,437.31 rial per $1.
|November 18, 2011||Petrochemical Sanctions Announced||
$1 = 9,127.41 rial (based on official rate)
The U.S. announces its plans to sanction the Iranian petrochemical industry. Washington wanted to send a strong signal after the November 8th IAEA report suggested that Iran has worked on designing a nuclear weapon. Sanctions go into effect on November 21st.
|November 30, 2011||UANI Calls on Edison to End Iran Business||
$1 = 9,184.80 rial (based on official rate)
As part of its GAO Campaign, UANI calls on Italian energy company Edison SpA (“Edison”) to immediately cease its ongoing business in Iran. In August 2011, the U.S. Government Accountability Office (“GAO”) published a report documenting that Edison is one of the 16 firms active in Iran’s oil, gas or petrochemical sectors. The GAO specifically highlighted Edison’s business activities in Iran’s energy sector as being inconsistent with CISADA
|December 2, 2011||U.S. Senate Sanctions Iran’s Central Bank||
$1 = 9,135.18 rial (based on official rate)
The U.S. Senate unanimously passed an amendment to sanction Iran’s central bank, Bank Markazi. UANI has called for sanctions against Iran’s central bank numerous times, including on October 11, 2011, following the U.S. government’s disruption of Iran’s plot to attack U.S. soil. The rial tumbles to 10,876.57 rial per $1 during the week.
|December 9, 2011||Huawei Ends Iran Business Following UANI Campaign||
$1 = 10,882.97 rial (based on official rate)
Following discussions with UANI, Huawei becomes the first major Chinese company to announce its pullback from Iran.
|December 20, 2011||Iranian Rial Hits New Lows||
$1 = 11,012.95 rial(based on official rate)
The rial was selling for 15,050 against the U.S. dollar. According to the Associated Press, “the dollar sold for about 10,500 last December and in 1979 – the year an Islamic revolution topped the pro-Western Shah Mohammad Reza Pahlavi – it was 70 rials against the dollar.”
|December 26, 2011||Iranian Rial is Unstable||
$1 = 11,021.42 rial (based on official rate)
The rial’s unofficial exchange rate has fluctuated between 13,800 rials and 15,300 rials to the dollar.
|December 27, 2011||IRGC Profits ‘On the Back of the Average Iranian’||
$1 = 11,088.92 rial (based on official rate)
The Obama administration is accusing the IRGC and other government elites of profiting ‘on the back of the average Iranian’ as the rial falls in the face of international sanctions. According the Bloomberg, “the new allegation coincides with the decline in the market value of the Iranian rial, which has dropped about 15 percent against the dollar in the past five weeks and 35 percent since March, according to Tehran’s independent Donya-e-Eqtesad newspaper. The 39 percent difference between the central bank’s official rate and market rates on Dec. 21 was the largest in almost two decades….”
|January 3, 2012||Iranian Rial Drops Amid Banking Sanctions||
$1 = 11,015.96 rial (based on official rate)
U.S. President Obama signed legislation targeting Iran’s Central Bank on Saturday, causing the rial to drop almost 30 percent in two days. According to the Christian Science Monitor, this is the rial’s lowest value against the dollar in more than two decades.
|January 6, 2012||Iran Central Bank Tries to Avert Slide in Rial||
$1 = 11,194.40 rial (based on official rate)
Bloomberg reports that “the rial rose to 14,000 per dollar at currency-exchange traders yesterday from 17,800 on Jan. 2, after foreign currency was made available to the market….”
|January 17, 2012||Iranian Authorities Sent to the Streets Amid Currency Devaluation||
$1 = 11,268.52 rial (based on official rate)
According to the Wall Street Journal, “Iranian authorities sent police into the streets of the capital Monday to crack down on informal currency trading and support the rial, signaling Iranians’heightened insecurity over their dwindling buying power and Tehran’s increasingly hard-handed efforts to stave off economic panic…. Iran’s rial currency has declined 40% to 55% agains the dollar on the black market since December.”
|January 18, 2012||Iranian Rial Continues to Fall||
$1 = 11,298.04 rial (based on official rate)
The rial hit a new low in black market trading, plunging to a rate of 18,000 to the dollar. This drop comes before an EU foreign ministers’ meeting that is expected to increase sanctions against the Iranian regime.
|January 21, 2012||Iranian Rial Continues to Fall||
$1 = 11,301.81 rial (based on official rate)
The Associated Press reports that the rial “was trading at nearly 20,000 to the U.S. dollar on Saturday on the black market, compared to 18,000 rials a day earlier. The rial was trading at around 10,500 rials to the U.S. dollar in late December 2010.”
|January 23, 2012||EU Oil Embargo Announced||
$1 = 11,301.81 rial (based on official rate)
The European Union announces its Iran oil embargo, which, after some delay, is expected to go into effect on July 1st.
|January 25, 2012||Rial’s Unofficial Rate Drops 50% in a Month||
$1 = 11,306.50 rial (based on official rate)
According to The New York Times, “the unofficial exchange rate in Tehran has fallen to about 23,000 rials to the dollar, compared with about 11,000 to 12,000 to the dollar in December – a 50 percent drop over a month.” The Iranian regime raised bank interest rates to “21 percent, up from 12.5 percent, to encourage people to put their rials in the bank instead of selling them.”
|January 30, 2012||UANI Calls for End to MTN’s Business in Iran||
$1 = 11,301.23 rial (based on official rate)
UANI launches campaign calling on South African telecom giant MTN to cease its business in Iran. MTN is a 49% shareholder of MTN Irancell, the second largest mobile phone network operator in Iran. The majority 51% is in turn owned by the Iranian regime, which has exploited the MTN Irancell network and technology to monitor and track the activities and communications of peaceful dissidents in Iran. UANI’s campaign was previewed by The Wall Street Journal.
|February 1, 2012||UANI Launches SWIFT Campaign||
$1 = 11,299.22 rial (based on official rate)
UANI launches its successful SWIFT campaign, calling on SWIFT to terminate its relationship with Iranian banks and, in particular, with Iran’s central bank.
|February 7, 2012||UANI Continues SWIFT Campaign||
$1 = 11,282.87 rial (based on official rate)
UANI calls on SWIFT’s Board of Directors to end SWIFT’s relationship with Iranian financial institutions. The rial drops to a devastating low of 12,275.00 rial per $1 over the following ten days. This represents a 10% drop in the rial’s value since UANI’s launch of its SWIFT Campaign and a drop of 23% since the beginning of 2012.
|March 12, 2012||UANI Calls on Peugeot to End Iran Business||
$1 = 11,812.25 rial (based on official rate)
UANI calls on French automaker PSA Peugeot Citroen (“Peugeot”) to end its ongoing business in Iran. UANI also separately contacted Peugeot’s U.S. partner, General Motors (“GM”), concerning the impropriety of the Peugeot-GM partnership, and the possibility that it violates sanctions.
|March 19, 2012||UANI Calls on Mazda to End Iran Business||
$1 = 11,805.42 rial (based on official rate)
UANI calls on Japanese automaker Mazda Motor Corporation to end its ongoing business activities in Iran as part of UANI’s IRGC Campaign. The purpose of the IRGC Campaign is to identify companies and entities that are owned, operated or controlled by the Islamic Revolutionary Guard Corp. (IRGC) – the driving ideological, security and military force behind the Iranian regime – and to highlight the relationships between those dangerous entities and international businesses.
|April 2, 2012||Hyundai Motor Ends Iran Operations||
$1 = 11,814.42 rial (based on official rate)
According to the New York Times, Hyundai Motor Company quietly ended its business in Iran. Hyundai becomes the second largest foreign automaker in a week to pull out of Iran. In Dec. 2010, UANI launched its campaign against Hyundai, calling on the company to cease doing business in Iran.
|April 3, 2012||Iran Limits Imports Due to Plummeting Rial||
$1 = 11,808.36 rial (based on official rate)
Reuters reports that “Iran has banned the importation of about 600 goods and only importers of essential items with henceforth benefit from preferential exchange rates….Importers of 180 luxury products will now have to buy foreign currency at market rate instead of getting it at the official rate from state banks.”
|April 16, 2012||Istanbul Talks||
$1 = 11,811.46 rial (based on official rate)After a year of further sanctions, Iran and six world powers finally resumed negotiations, only to agree to meet again next month. At its lowest point to date, the rial, which has taken a 23% hit since the beginning of the year, begins to stabilize.
|May 2, 2012||Iran Economy in ‘Downward Spiral’||
$1 = 12,276.98 rial (based on official rate)
Even though Iranians are experienced in circumventing sanctions, the economy is facing a ‘downward spiral of negative economic phenomena,’ according to Bijan Khajehpour, a Vienna-based business consultant.
|May 23, 2012||Baghdad Talks||
$1 = 12,275.92 rial (based on official rate)
Iran and the P5+1 resume talks in Baghdad and agree to meet again in Moscow in June. The rial remains relatively stable throughout negotiations.
|June 7, 2012||AdaptiveMobile Ends Iran Business Following UANI Campaign||
$1 = 12,263.76 rial (based on official rate)
After recent discussions with UANI, the Irish telecommunications firm AdaptiveMobile ended its business in Iran and terminated its contracts with MTN Irancell.
|June 11, 2012||UANI Calls on Arqiva to Cease Broadcast of State-Owned IRIB||
$1 = 12,281.39 rial (based on official rate)
UANI calls on British telecommunications company Arqiva to end the facilitation of human rights abuses by the Iranian regime and stop broadcasting and transmitting the Iranian regime’s state-owned networks. Arqiva facilitates broadcasts of the regime-controlled Islamic Republic of Iran Broadcasting (“IRIB”). The regime is widely known to broadcast its propaganda throughout Iran and abroad, while illegally jamming the broadcasts of networks like BBC Persian and VOA Persian within its own borders.
|June 18, 2012||Moscow Talks||
$1 = 12,281.61 rial (based on official rate)
The P5+1 and Iran resume negotiations in Moscow. Talks were described as “intense” but there was no clear progress towards a compromise. Parties agree to extend negotiations by holding an additional round of meetings in July. The rial remains relatively stable throughout negotiations.
|June 20, 2012||Rising Cost of Milk and Wheat in Iran||
$1 = 12,237.73 rial (based on official rate)
Bloomberg reports that “the cost of a liter of milk and a kilogram (2.2 pounds) of wheat for local producers are 8,000 rials (0.65 cents) and 5,000 rials respectively…. Producers can’t be expected to continue selling milk to the government at the official prices of 6,300 rials and 4,200 rials….”
|June 21, 2012||Iranian Economic Policies Cannot Fight Currency Devaluations||
$1 = 12,249.98 rial (based on official rate)
According to Omid Karimian, a member of the Iranian parliament’s economic committee, the rial’s value against the dollar is ‘a testimony to the lack of solidity of our economy,’ citing a ‘failure’ in the central bank’s policy to deal with the country’s currency devaluation problems.
|June 28, 2012||Iranian Rial Continues to Fall||
$1 = 12,278.67 rial (based on official rate)
Bloomberg reports that the U.S. dollar’s value has increased against the rial, which hovered around 19,000 rial per dollar during the last week.
|July 9, 2012||Iranian Rial Continues to Fall/Edison Withdraws from Iran Energy Sector||
$1 = 12,271.13 rial(based on official rate)
The rial has plummet to a rate of 19,600 rial per U.S. dollar. The Washington Post reports that “because such large amounts of currency are traded at the [currency] bazaar [in Tehran’s old city center], it has become the unofficial but widely accepted, source of foreign currency rates in Iran.”
Edison announced that it is withdrawing from Iran’s energy sector. UANI has been in consultations with Edison since November 2011, when it called on Edison to end its Iran business as part of UANI’s GAO Campaign.
|July 21, 2012||Iran Experiences a ‘Chicken Crisis’||
$1 = 12,314.28 rial (based on official rate)
According to Reuters, the Iranian government introduces a three-tiered exchange rate system to purchase different classes of imports – “an indication that the government’s stores of hard currency are coming under pressure from Western sanctions.”
|August 6, 2012||Iran Experiences a ‘Chicken Crisis’||
$1 = 12,253.80 rial (based on official rate)
Iranian police discover about 60 tonnes of live and slaughtered poultry hidden throughout the country over a 15-day period. This discovery became known as the ‘chicken crisis,’ which arose out of the soaring costs of chicken (up to 80,000 rial per kilogram). The rial fell about 5 percent in trading against the U.S. dollar.
|August 7, 2012||Iranian Rial Continues to Fall||
$1 = 12,292.27 rial (based on official rate)
According to Iran’s Mehr News Agency, the rial dropped to about 22,300 rials against the dollar.
|August 17, 2012||Iran Turns to Neighboring Afghanistan to Evade Sanctions||
$1 = 12,288.29 rial (based on official rate)
The New York Times reports that “with American and European sanctions spurring a currency crisis in Iran, officials say a growing number of Iranians are packing trucks with devalued rials and heading to the freewheeling currency market next door in American-occupied Afghanistan, to trade for dollars…. Iranian businesses and individuals are desperate to avoid further losses, by converting their money and moving it out for safekeeping. At the same time, the government is trying to find alternate ways to bring in hard currency.”
|August 18, 2012||Inflation Rises and Basic Goods Become Luxuries||
$1 = 12,283.30 rial (based on official rate)
Basic food, clothes and electronics are increasingly considered luxuries as a result of international sanctions and the Iranian rial’s devaluation. According to The Economist, the economic situation has deteriorated so much that “nobody believes the official figure of 24% for the annual rate of inflation.”
|September 9, 2012||Iranian Rial’s Unofficial Rate Continues to Fall||
$1 = 12,187.33 rial(based on official rate)
The rial dropped nearly 7 percent in a single day to 24,300 rials to the dollar.
|September 11, 2012||Iranian Legislators Seek Government Intervention with Failing Currency||
$1 = 12,231.72 rial(based on official rate)
According to Reuters, “a group of Iranian legislators, critical of the policies of President Mahmoud Ahmadinejad, has urged the central bank to intervene in the currency market to support the rial…. The Iranian currency hit an all-time low on the open market on Monday at 25,650 to the dollar, half its value of a year ago and after losing about 17 percent since last Thursday.”
|September 16, 2012||Iran Turns to Neighboring Iraq to Deal with Sanctions||
$1 = 12,243.67 rial (based on official rate)
The Washington Times reports that given Iran’s deteriorating economy, “Iran’s government and citizens have become desperate, resorting to ‘cash transactions’ on the black market with neighboring countries – principally Iraq…. He [Ambassador Mark Wallace] said the economic squeeze on Iran has led to ‘much more secret trading taking place’ on its borders with Iraq and Afghanistan.”
|September 24, 2012||Iranian Regime Tries to Control Currency Devaluation Problems||
$1 = 12,257.43 rial (based on official rate)
According to Reuters, “Iran launched a fresh bid on Monday to stabilize its falling currency, opening a foreign exchange center that provides government-subsidized U.S. dollars to import some goods as the country struggles with Western economic sanctions.”
|September 25, 2012||Rial Continues to Fall; Iranian Regime Fails to Stabilize Currency||
$1 = 12,274.28 rial (based on official rate)
Reuters reports that the “Iranian tumbled 5 percent to an all-time low against the U.S. dollar on Tuesday, suggesting a fresh effort by the government to stabilize the currency may have backfired…. The Iranian currency has lost more than half its value in the past year because of U.S. and European sanctions against the country’s banking sector and oil exports, aimed at forcing Tehran to give up its disputed nuclear programme. Iranians have rushed to informal money changers to convert their savings into hard currencies, accelerating the rial’s slide.”
|September 29, 2012||Iranian Rial Continues to Fall||
$1 = 12,297.86 rial (based on official rate)
Reuters reports that the rial has fallen by 5%. Previous slumps in the currency’s value have coincided with the enactment of new sanctions and/or diplomatic isolation measures.
|October 1, 2012||Iranian Rial Hits New All-Time Low||
$1 = 12,290.17 rial (based on official rate)
This Monday, the Iranian fell as much as 18% to a record low against the U.S. dollar. According to BBC, the currency has reportedly lost about 80% of its value since 2011. U.S. State Department spokeswoman Victoria Nuland said, “From our perspective, this [depreciation of the rial] speaks to the unrelenting and increasingly successful international pressure that we are all bringing to bear on the Iranian economy.”
|October 2, 2012||Ahmadinejad Admits Effects of Sanctions on Rial||
$1 = 12,293.00 rial rial(based on official rate)
Speaking at a news conference broadcasted live by domestic and international Iranian news channels, Ahmadinejad admitted that U.S.-led sanctions against Iran were partly to blame for the 40% drop in the rial’s value over the past week. Ahmadinejad also begged the Iranian people to stop ditching the rial for more valuable foreign currencies: “I ask you, dear people, do not change your money into foreign currency.”
|October 3, 2012||Riots in Tehran Over Currency Collapse||
$1 = 12,265.27 rial rial(based on official rate)
Riots broke out in Tehran over the collapse of the Iranian rial. According to Reuters, “police fired tear gas to disperse demonstrators, angered by the plunge in the value of the rial…. Panicking Iranians have scrambled to buy hard currencies, pushing down the rial.” Iran’s inflation rate is estimated at 25%.
|October 8, 2012||MTN Hit by Rial Slide||
$1 = 12,264.83 rial (based on official rate)
South Africa’s MTN Group has been significantly impacted by the recent fall of the Iranian rial. According to Reuters, the company “shares were down 3.7 percent…bringing its losses this month to nearly 5 percent.”
|October 15, 2012||Arqiva and Eutelstat End Broadcast of Iranian Regime Programming||
$1 = 12,312.17 rial (based on official rate)
Following UANI’s campaign, Arqiva and Eutelstat took 19 Iranian television and radio stations off the European airways. Since May 2012, UANI has been in discussions with Arqiva to stop broadcasting and transmitting the Iranian regime’s state-owned networks and propaganda. In May, UANI also contacted Eutelstat, and called on it “to end all business activities in Iran, including the service and maintenance of past contracts.”