FOR IMMEDIATE RELEASE
October 5, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296
UANI Releases Updated Iran Currency Tracker in Wake of Rial Freefall, Calls for Full Economic Blockade on Iran
New York, NY - On Friday, United Against Nuclear Iran (UANI) released its updated Iran Currency Tracker showing the crash of the Iranian rial. The rial has fallen 80% in the past year and plummeted 40% this week.
UANI's Iran Currency Tracker measures the official exchange rate of the Iranian rial, set by the Central Bank of Iran, as well as the rial's black market exchange rate, used for private and everyday transactions. The difference between the official exchange rate and the black market exchange rate demonstrates the Iranian regime's increasing disconnect from the deteriorating economic reality in Iran.
In May, UANI CEO, Ambassador Mark D. Wallace, testified to the U.S. House Committee on Foreign Affairs that "Iran's rial has been in free-fall, a reliable indicator of the economic impact of sanctions."
In a statement today, Ambassador Wallace said:
The rial has fallen by 40% in just the past week and 80% in the past year. This is the greatest evidence yet that sanctions against Iran are having a tangible impact. The growing divergence between the rial's official and black market rates shows the emerging phenomenon of hyperinflation in Iran, which is a result of the economic pressure the world is applying to the regime.
More must be done however. We renew our call for an economic blockade to continue to pressure the rial and the regime. An economic blockade would bar any business, firm, or entity that does work in Iran from receiving U.S. government contracts, accessing U.S. capital markets, entering into commercial partnerships with U.S. entities, or otherwise doing business in the U.S. or with U.S. entities. The regime must be forced to choose between having a nuclear weapon, or a functioning economy.
Click here to view UANI's Iran Currency Tracker.