Tuesday, October 2, 2012

Oil embargo, sanctions take a toll on Iranian money

Money changers paying top prices for Dollars

Tehran – A new foreign currency exchange recently opened here points up American strategy in isolating this nation bent on developing a nuclear capability. 

Iranian currency plunged by more than 25 percent against the U.S. Dollar over the past week. Black market money changers paid 34,500 rials per dollar Monday, down from last week's going rate of 29,600. 

The U.S. and the European Union continue to apply pressure to the nation's nuclear program, which the Iranian government continues to declare peaceful, according to the latest reports from the International Atomic Energy Agency. One site suspected of conducting nuclear research remains closed to inspectors. 

Petroleum exports over the past month have fallen by an estimated 40 percent, according to the Arab television news network, Al Jazeera.

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