Iran Currency Slips to New Lows amid US, Europe Tensions

Iranian flags flutter as the Milad Tower is covered in smog following the increase in air pollution in Tehran, Iran December 8, 2024. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian flags flutter as the Milad Tower is covered in smog following the increase in air pollution in Tehran, Iran December 8, 2024. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Iran Currency Slips to New Lows amid US, Europe Tensions

Iranian flags flutter as the Milad Tower is covered in smog following the increase in air pollution in Tehran, Iran December 8, 2024. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
Iranian flags flutter as the Milad Tower is covered in smog following the increase in air pollution in Tehran, Iran December 8, 2024. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

The Iranian currency extended its fall on Saturday, hitting a new all-time low against the US dollar amid uncertainties about Donald Trump's imminent arrival in the White House and tensions with the West over Tehran's nuclear program.

The rial plunged to 756,000 to the dollar on the unofficial market on Saturday, compared to 741,500 rials on Friday, according to Bonbast.com, which reports exchange rates. The bazar360.com website said the dollar was being sold for about 755,000 rials.

Facing an official inflation rate of about 35%, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies, gold or cryptocurrencies, suggesting further headwinds for the rial.

The dollar has been gaining against the rial since trading around 690,000 rials in early November amid concerns that once inaugurated in January, Trump would re-impose his "maximum pressure" policy against Iran with tougher sanctions and empower Israel to strike Iranian nuclear sites.

Iran's currency again declined after the board of governors of the UN nuclear agency IAEA passed a European-proposed resolution against Tehran - increasing the risk of new sanctions - and following the downfall of Syria's President Bashar al Assad, a long-time ally of Tehran.

Trump in 2018 reneged on a nuclear deal struck by his predecessor Barack Obama in 2015 and re-imposed US economic sanctions on Iran that had been relaxed. The deal had limited Iran's ability to enrich uranium, a process that can yield fissile material for nuclear weapons.

Iran's rial has lost more than 90% of its value since the sanctions were re-imposed in 2018.



Germans Mourn the 5 Killed and 200 Injured in the Apparent Attack on a Christmas Market

21 December 2024, Bremen: Mobile barriers secure the streetcar tracks at the Christmas market in Bremen, after the Magdeburg's Christmas market attack the day before. (dpa)
21 December 2024, Bremen: Mobile barriers secure the streetcar tracks at the Christmas market in Bremen, after the Magdeburg's Christmas market attack the day before. (dpa)
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Germans Mourn the 5 Killed and 200 Injured in the Apparent Attack on a Christmas Market

21 December 2024, Bremen: Mobile barriers secure the streetcar tracks at the Christmas market in Bremen, after the Magdeburg's Christmas market attack the day before. (dpa)
21 December 2024, Bremen: Mobile barriers secure the streetcar tracks at the Christmas market in Bremen, after the Magdeburg's Christmas market attack the day before. (dpa)

Germans on Saturday mourned the victims of an apparent attack in which authorities say a doctor drove into a busy outdoor Christmas market, killing five people, injuring 200 others and shaking the public’s sense of security at what would otherwise be a time of joy and wonder.

The alleged attack Friday evening in Magdeburg, about 130 kilometers (80 miles) west of Berlin, killed a 9-year-old and four adults and injured 41 people badly enough that authorities warned the death toll could rise.

Magdeburg marked the tragedy Saturday with the tolling church bells at 7:04 p.m., the exact time of the attack in the city of roughly 240,000 people.

The driver, a 50-year-old doctor who immigrated from Saudi Arabia in 2006, surrendered to police at the scene. He’s being investigated for five counts of suspected murder and 205 counts of suspected attempted murder, prosecutor Horst Walter Nopens said at a news conference.

Among other things, investigators are looking into whether the attack could have been motivated by the suspect’s dissatisfaction with the way Germany treats Saudi refugees, Nopens said.

“There is no more peaceful and cheerful place than a Christmas market,” Chancellor Olaf Scholz said. “What a terrible act it is to injure and kill so many people there with such brutality.”

Although Nopens mentioned the treatment of Saudi immigrants angle, authorities said Saturday that they still didn't know why the suspect drove his black BMW into the crowded market.

Police haven't publicly named the suspect, but several German news outlets identified him as Taleb A., withholding his last name in line with privacy laws, and reported that he was a specialist in psychiatry and psychotherapy.

Describing himself as a former Muslim, the suspect appears to have been an active user of the social media platform X, accusing German authorities of failing to do enough to combat what he referred to as the “Islamification of Europe.”

The violence shocked Germany and Magdeburg, which is the capital of the eastern state of Saxony-Anhalt, bringing its mayor to the verge of tears and marring the centuries-old German tradition of Christmas markets. It led several other communities to cancel their weekend Christmas markets as a precaution and out of solidarity with Magdeburg’s loss. Berlin kept its many markets open but increased its police presence at them.

Germany has suffered a string of extremist attacks in recent years, including a knife attack that killed three people and wounded eight at a festival in the western city of Solingen in August.

Friday’s attack came eight years after an extremist drove a truck into a crowded Christmas market in Berlin, killing 13 people and injuring many others. The attacker was killed days later in a shootout in Italy.

Chancellor Scholz and Interior Minister Nancy Faeser traveled to Magdeburg on Saturday, and a memorial service is to take place in the city cathedral in the evening. Faeser ordered flags lowered to half-staff at federal buildings across the country.

Verified bystander footage distributed by the German news agency dpa showed the suspect’s arrest at a tram stop in the middle of the road. A nearby police officer pointing a handgun at the man shouted at him as he lay prone, his head arched up slightly. Other officers swarmed around the suspect and took him into custody.

Thi Linh Chi Nguyen, a 34-year-old manicurist from Vietnam whose salon is in a mall across from the Christmas market, was on the phone during a break when she heard loud bangs that she thought were fireworks. She then saw a car drive through the market at high speed. People screamed and a child was thrown into the air by the car.

Shaking as she described what she had witnessed, she recalled seeing the car bursting out of the market and turning right onto Ernst-Reuter-Allee street and then coming to a standstill at the tram stop where the suspect was arrested.

The number of injured people was overwhelming.

“My husband and I helped them for two hours. He ran back home and grabbed as many blankets as he could find because they didn’t have enough to cover the injured people. And it was so cold,” she said.

The market itself was still cordoned off Saturday with red and white tape and police vans, as armed officers guarded at every entrance. Some thermal security blankets still lay on the street.