The Iranian currency has fallen to an all-time low due to US sanctions

The Iranian currency has fallen to an all-time low due to US sanctions

Iran’s currency fell to its lowest level ever on Sunday as efforts to resurrect the country’s shattered nuclear accord with foreign powers stalled. The rial was trading at 332,000 to the dollar in Tehran, up from 327,500 on Saturday. When compared to June 1, when it was trading at 318,000 to the dollar, it had increased by more than 4.4 percent.

Talks in Vienna to renew the agreement have been deadlocked for months. Meanwhile, police arrested 31 currency and gold traders accused of creating “false demand” in the market, state TV reported without elaborating. Separately, Iran’s Maha Air spokesman denied owning a Boeing 747 that Argentina seized after it landed Monday in Cordoba, Argentina.

Iran’s currency was trading at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.  The rial’s new low came as U.S. sanctions against the country are still in force. Iran’s economy is struggling mightily mostly because of the U.S. pullout from the 2015 nuclear deal between Iran and world powers that restored sanctions on Iran’s oil and banking sectors.

Hossein Zolanvari told the official IRNA news agency that his company sold the Boeing to a Venezuelan company about a year ago. “Mentioning Mahan Air in connection with the impounded airplane has aimed at political purposes,” he said. He said the plane’s crew also have no connection to Mahan Air.

It wasn’t clear if the plane was on a list of Iranian aircraft subject to U.S. sanctions. Venezuelan leader Nicolas Maduro visited Iran over the weekend. Both nations are under the U.S. sanctions.

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