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Troubles over the ‘nuclear deal’ lead to lowest value of the country’s currency ever!

Iran has had a rough week. Concerns have been raised by the United States and other nations about Iran’s Uranium deposits, and earlier this week, the International Atomic Energy Agency (IAEA) issued a resolution criticizing Iran’s nuclear program.

Following the vote, the rial, Iran’s national currency, plummeted to a record low against the US dollar. This was the rial’s biggest drop since fresh US sanctions were imposed in 2020. As a result, the government and the country’s central bank have decided to inject funds into the market. According to the Tasnim news website, they have met with a group of foreign currency merchants.

According to Al-Jazeera, exporters have been told to put their banknotes on the market in order to reduce foreign currency costs. The governor of Iran’s central bank, Ali Salehabadi, also stated that the country had received $7.5 billion in revenues from crude oil sales as of May 21. Iran has also not taken the UN resolution well, and in reaction, they have removed a number of cameras from nuclear reactors around the nation.

The cameras are owned by the UN nuclear watchdog and are used to monitor Iran’s nuclear operations as part of the Iran Nuclear Deal. According to IAEA Director Rafael Grossi, up to 27 cameras have been removed from the plants as of today. This might represent a ‘fatal blow’ to the existing Iran Nuclear Deal.


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