It’s not just Turkish Lira that suffered, Iranian rial hits an all-time low on Monday despite central bank efforts to curb the decline.
The Iranian rial has lost almost 15 percent of its value against US dollar in the open market during the past 3 days, on Monday Iranian rial was recorded at 129,000 rials per dollar The National UAE reported.
The drop followed amid speech by central bank governor Abdolnaser Hemmati on Saturday, he in his speech announced tougher restrictions on allocating foreign exchange reserves according to financial journalist Maziar Motamedi.
Hemmati said he is more careful in allocating foreign currencies at government rates which draw upon upcoming shortage of hard currency supply, the journalist told AFP.
Rial has been losing its value since the ongoing rift between the US and Iran over a withdrawal from the nuclear deal in May 2015. The currency has lost more than 70 percent of its value during the past year.
All this is happening due to hostility to the United States; similar consequences had to be borne by Turkey when Trump threatened Erdogan with massive sanctions over a political dispute, Turkish Lira stumbled after the exchange of views from both sides and President Erdogan blamed the U.S. pulling the strings to bring the currency down.
Iranian rial plunged but it soon recovered back to its state, the current value of rial is 42105 rial per dollar.