FOR IMMEDIATE RELEASE
November 25, 2013
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296
UANI Issues Statement on Increase in the Value of the Iranian Rial
New York, NY - United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Wallace, issued the following statement regarding the increasing value of the Iranian rial:
UANI measures the effect of economic pressure, in important part, by tracking the Iranian rial's black market value exchange rate. Last year, with economic pressure at its peak, Iran suffered from severe hyperinflation, and the rial became the least valued currency in the world. This is no longer the case, as the rial has gained significant value in 2013.
Since Hassan Rouhani was elected president on June 14, there has been no new sanction law enacted, no material sanctions enforcement, and the reputational risk of Iran business has eased with the regime's public relations campaign. As a result, during this period the Iranian rial has increased in value by more than 25%. Following the announcement of the Geneva agreement this weekend, the rial appreciated nearly 5%--an astounding jump.
UANI urges all policymakers to consider the far-reaching economic consequences that have resulted from "sanctions easing" that is disproportionate to Iranian concessions. Policymakers should be vigilant to ensure that the P5+1 does not lose even more sanctions-based negotiating leverage as it seeks a comprehensive agreement with Iran in the coming months.