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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)
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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.

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Students and Journalists Stand Trial in Türkiye over Protests Sparked by Mayor's Arrest

People sit next a police security line during a protest outside the Caglayan courthouse in Istanbul on Friday April 18, 2025 (AP)
People sit next a police security line during a protest outside the Caglayan courthouse in Istanbul on Friday April 18, 2025 (AP)
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Students and Journalists Stand Trial in Türkiye over Protests Sparked by Mayor's Arrest

People sit next a police security line during a protest outside the Caglayan courthouse in Istanbul on Friday April 18, 2025 (AP)
People sit next a police security line during a protest outside the Caglayan courthouse in Istanbul on Friday April 18, 2025 (AP)

Dozens of people including journalists appeared before a court in Istanbul on Friday, accused of attending banned demonstrations and disobeying police orders to disperse during anti-government protests that were triggered by the jailing of the city’s opposition mayor, Ekrem Imamoglu.
Imamoglu, seen as the main challenger to President Recep Tayyip Erdogan’s 22-year rule, was arrested on March 19 and jailed days later on corruption charges, The Associated Press said.
His imprisonment has been widely viewed as politically motivated and sparked nationwide protests. The government insists Türkiye’s judiciary is independent and that the courts operate independently.
A total of 189 defendants, most of them university students, began defending themselves over charges of participating in banned protests and non-compliance with orders to disperse. Some have also been charged with carrying arms.
Four photojournalists and three reporters who were covering the demonstrations were also on trial. The court, however, on Friday decided to separate their case from the main trial.
The defendants are among more than 2,000 people who were detained for taking part in the country’s largest mass demonstrations in more than a decade.
During the opening hearing, lawyers demanded acquittal for all 189 defendants.
Among them was Derin Doga Kus, a 23-year-old Istanbul University student, who was detained from her home on March 24 and released from jail last week along with dozens of other students. Their release followed concerted efforts by parents to have their children set free, with many holding daily vigils outside Silivri prison, west of Istanbul.
“I spent 18 days in the Silivri prison and was released a week ago today,” Dogakus said. “We all missed our exams. Some lost their jobs.”
“This is not a legal process. It is a process where the law is trampled on," she said.
Avni Gundogan, the father of another defendant, was among hundreds who gathered outside the courthouse in support of the students.
“They engaged in democratic, peaceful and legitimate activities. They exercised their constitutional rights, and their rights were violated,” Gundogan said. “We demand a verdict of acquittal for our children.”