Iran's Currency Reaches Lowest Value Ever against the Dollar

Iran’s currency on Monday dropped to its lowest value ever against the dollar. (AFP)
Iran’s currency on Monday dropped to its lowest value ever against the dollar. (AFP)
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Iran's Currency Reaches Lowest Value Ever against the Dollar

Iran’s currency on Monday dropped to its lowest value ever against the dollar. (AFP)
Iran’s currency on Monday dropped to its lowest value ever against the dollar. (AFP)

Iran’s currency on Monday dropped to its lowest value ever against the dollar and officials warned Iranian exporters to bring their foreign earnings home from abroad.

Money exchange shops briefly traded the Iranian rial 200,000 for a dollar and later in the day, the currency was valued at 198,000 rials against the dollar. The lows were a new record after the rial on Saturday traded at 190,000 for the dollar.

The plunge of the rial comes amid severe US sanctions imposed on Tehran. Iran's Senior Vice President Eshaq Jahangiri on Monday urged Iranian exporters to bring home their earnings from abroad. Last week, Jahangiri said Iran’s oil revenues have plummeted to $8 billion from $100 billion in 2011.

The country’s commerce ministry warned that it would revoke export licenses for those who fail to comply and bring the hard currency home while Iran's central bank said on Sunday that it would publish the names of the violators.

Iranian companies reportedly export non-oil products in the value of more than 40 billion dollars a year, and officials say about half of that money stays abroad.

The rial has tumbled from a rate of 32,000 rials to $1 at the time of Tehran’s 2015 nuclear deal with world powers. The currency unexpectedly rallied for some time after President Donald Trump’s decision to withdraw the US from the nuclear deal and reimpose crippling trade sanctions on Iran more than two years ago.

The sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.



Iran Hangs Three More Accused of Spying for Israel

The life of Ahmadreza Djalali is at imminent risk, he wife said - AFP
The life of Ahmadreza Djalali is at imminent risk, he wife said - AFP
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Iran Hangs Three More Accused of Spying for Israel

The life of Ahmadreza Djalali is at imminent risk, he wife said - AFP
The life of Ahmadreza Djalali is at imminent risk, he wife said - AFP

Iran on Wednesday hanged three men convicted of spying for Israel after what activists decried as an unfair trial, bringing to six the number of people executed on such charges since the start of the war between the Islamic republic and Israel.

The hangings have also amplified fears for the life of Swedish-Iranian dual national Ahmadreza Djalali who has been on death row for seven-and-a-half years after being convicted of spying for Israel which his family vehemently denies.

The executions also bring to nine the number of people executed by Iran on espionage charges since the start of 2025, with activists accusing Tehran of using capital punishment as a means to instil fear in society.

Idris Ali, Rasoul Ahmad Rasoul and Azad Shojai were executed earlier Wednesday in the northwestern city of Urmia, the judiciary said, the day after a truce between the Islamic republic and Israel came into effect, AFP reported.

They had "attempted to import equipment into the country to carry out assassinations," it added.

Iran had executed three other men accused of spying for Israel since the start of the conflict on June 13, in separate hangings on June 16, June 22 and June 23.

"The Islamic Republic sentenced Idris Ali, Rasoul Ahmad Rasoul, and Azad Shojai to death without a fair trial and based on confessions obtained under torture, accusing them of espionage," Mahmood Amiry-Moghaddam, director of Norway-based NGO Iran Human Rights (IHR), told AFP.

He said Ali and Shojai were two border porters -- known locally as kolbar -- who carry goods over the border.

"They were arrested on charges of smuggling alcoholic beverages but were forced to confess to espionage for Israel," he said. Ali and Shojai were members of Iran's Kurdish minority while Rasoul, while also Kurdish, was an Iraqi national.

- 'Imminent risk' -

He warned that in the coming weeks the lives of "hundreds" more prisoners sentenced to death were at risk. "After the ceasefire with Israel, the Islamic republic needs more repression to cover up military failures, prevent protests, and ensure its continued survival."

Djalali was arrested in 2016 and sentenced to death in October 2017 on charges of spying following what Amnesty International has termed "a grossly unfair trial" based on "'forced confessions' made under torture and other ill-treatment."

Long held in Tehran's Evin prison, which was hit by an Israeli strike on Monday before the truce, he has now been transferred to an unknown location, raising fears that his execution could be imminent, his family and government said.

"He called me and said, 'They're going to transfer me.' I asked where, and he said, 'I don't know,'" his wife Vida Mehrannia told AFP.

"Is it because they want to carry out the sentence? Or for some other reason? I don't know," she said, adding that she was "very worried" following the latest executions.

The Swedish foreign ministry said it had received information that he has been moved to an "unknown location" and warned there would be "serious consequences" for Sweden's relationship with Iran were he to be executed.

Amnesty International said Tuesday it was "gravely concerned" that he "is at imminent risk of execution".

- 'Grossly unfair trials' -

Rights groups say defendants in espionage cases are often convicted under vaguely-worded charges which are capital crimes under Iran's sharia law including "enmity against god" and "corruption on earth".

Analysts say that Israel's intelligence service Mossad has deeply penetrated Iran, as shown by its ability to locate and kill key members of the Iranian security forces in the conflict. But rights groups say that those executed are used as scapegoats to make up for Iran's failure to catch the actual spies.

Iran's judiciary chief, Gholamhossein Mohseni Ejei had ordered swift trials against people suspected of collaborating with Israel with rights groups saying dozens of people have been arrested since the conflict started.

"A rush to execute people after torture-tainted 'confessions' and grossly unfair trials would be a horrifying abuse of power and a blatant assault on the right to life," said Hussein Baoumi, deputy regional director for the Middle East and North Africa at Amnesty International.

According to IHR, Iran has executed 594 people on all charges this year alone.