Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

10/2/2012 (2 years ago)

Catholic Online (www.catholic.org)

Government and business at odds.

It's a bad time to be a merchant in Iran just now. That country's currency is in a free-fall, losing a third of its value last week alone. The government says speculators and sanctions are to blame. 

The Iranian rial is rapidly declining in value causing new financial woes for the people and government.

The Iranian rial is rapidly declining in value causing new financial woes for the people and government.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

10/2/2012 (2 years ago)

Published in Middle East

Keywords: Iran, rial, value, decline, economy


LOS ANGELES, CA (Catholic Online) - The Iranian rial has lost a third of its value in the last week and is now worth about half of what it was a year ago. President Mahmoud Ahmadinejad is under fire for the recent losses and is himself calling for security forces to take action against speculators. 
Ahmadinejad said, "According to a report from one of the security services, 22 individuals are ringleaders of the recent turmoil in the currency market, and since these individuals are known, security institutions must act." 

Some dealers have stopped using the rial altogether because of its extreme volatility. On Tuesday, one US dollar was worth 37,500 rial. 

The recent instability suggests that sanctions are having a withering effect on Iran as that nation insists on completing a nuclear project of unknown scope. The Iranian government says the program is intended exclusively for peaceful use, while the US and Israel among others, suspect it is intended to develop a nuclear weapon. 

The UN has attempted repeatedly to broker a deal between Iran and its detractors, but Iran has blocked much of the progress, insisting on secrecy. It hasn't helped that major components of the nuclear operation have been moved into deep underground bunkers for continued development.

Likely harming Iran more than anything is its difficulty in accepting payments for its oil shipments. With the country essentially blocked from the international banking system, it has been difficult for officials to transact business on a global level. 

Many Iranian business workers have stopped dealing in rials, worsening the slide. 

Both Ahmadinejad and his opponents blame the other for problems. For their part, opponents of Ahmadinejad in parliament accuse him of insisting on policies and rhetoric that promote mistrust and keep the country isolated. 

Most experts seem to agree that it's government mismanagement of the strained economy that is worsening the problem. Ali Larijani, a parliamentary speaker told the Fars News Agency, "Eighty percent of our economic issues and problems are related to the system of management."

As for merchants, they're having to raise prices to break even, or close shop. Many people can no longer afford to keep up with the rise in prices, forcing many out of business. 

Until some kind of stability returns to the rial, it is unlikely that things will improve for the people on the street anytime soon. 


---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Middle East

Western women break original 'jihadi bride' sterotypes Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With a significant number of educated women from comfortable lives in the West joining the Islamic State, they are breaking the "jihadi bride" stereotype, according to a report done in the United Kingdom. MUNTINLUPA, PHILIPPINES (Catholic Online) - These young women, ... continue reading


Ancient Roman amphitheatre in Palmyra scene of mass execution by ISIS Watch

Image of ISIS seized the opportunity to use the city's ancient Roman amphitheater for a mass execution. Twenty men, accused of being government supporters, were lined up and shot and killed ISIS.

By Catholic Online (NEWS CONSORTIUM)

While there is widespread concern about the destruction priceless antiquities in the Syrian town of Palmyra - now in the hands of the Islamic State - ISIS has seized the opportunity to use the city's ancient Roman amphitheater for a mass execution. Twenty men, ... continue reading


NOWHERE TO TURN: Iraqi civilians fleeing Ramadi chained up and led through desert by Iraqi militia Watch

Image of Hundreds of civilians who escaped the Iraqi city of Ramadi after it fell to the hands of Islamic State learned that their ordeal had only begun.

By Catholic Online (NEWS CONSORTIUM)

Hundreds of civilians who escaped the Iraqi city of Ramadi, after it fell to the hands of Islamic State, learned that their ordeal had only begun. Suspected of being terrorists themselves, the fleeing civilians have been rounded up and arrested by Iraqi ... continue reading


Anti-ISIS art exhibit in Iran shows the most appalling ISIS atrocities as cartoons Watch

Image of Iran holds anti-ISIS art competition to show the real ways of ISIS.

By Abigail James (NEWS CONSORTIUM)

Artists from around the world participated in an anti-ISIS cartoon and caricature competition held in Iran. The images, showing shocking depictions of ISIS atrocities, went on display at cultural centers in Tehran, Iran's capital. LOS ANGELES, CA (Catholic Online) - ... continue reading


Ancient water line: 2,000-year-old water supply system uncovered in Jerusalem Watch

Image of The Lower Aqueduct for nearly 2,000 years remained one of Jerusalem's principal sources of water, which is why city rulers kept the structure so well preserved.

By Catholic Online (NEWS CONSORTIUM)

It appears the Biblical times had a much more complex infrastructure than previously believed. An ancient aqueduct built more than 2,000 years ago to transport water into the city of Jerusalem was uncovered during a construction project. The level of ... continue reading


ISIS' horrific sexual crimes against Yazidi women unveiled

Image of ISIS militants execute horrific sexual acts on kidnapped women.

By Abigail James (NEWS CONSORTIUM)

New reports from the United Nations exposes ISIS' horrific sex crimes against women and girls. Women and young girls kidnapped by the terrorist extremists are often sold off to the fighters, and if they do not abide, they are brutally punished. LOS ANGELES, CA ... continue reading


HERITAGE OF HATE: Osama bin Laden called for bombers to kill Americans for 'alien satanic practices' Watch

Image of Osama bin Laden, the dreaded terrorist leader behind the 9/11 terrorist attacks left behind convoluted, hate-mongering documents before his death at the hands of U.S. agents in May of 2011.

By Catholic Online (NEWS CONSORTIUM)

Osama bin Laden, the dreaded terrorist leader behind the 9/11 terrorist attacks left behind convoluted, hate-mongering documents before his death at the hands of U.S. agents in May of 2011. Among the papers found in his compound is a 15-page document that urges ... continue reading


ISIS MAY DETONATE NUKE IN THE U.S. - NEW NUCLEAR THREAT: Islamic State claims it will buy nuclear weapon from Pakistan, smuggle it into the United States Watch

Image of Nuclear Explosion

By Catholic Online (NEWS CONSORTIUM)

Terror group Islamic State now claims they're now infinitely closer to buying a nuclear weapon from Pakistan to smuggle into the United States. As published in their propaganda magazine Dabiq, in an article reportedly by a hostage journalist, The scenario is ... continue reading


Wholesale slaughter of Palmyra residents begins as Islamic State invades Watch

Image of Will this marble altar depicting the Goddess Allat with a lion from the Temple of Baal Shamin in Palmyra be destroyed by ISIS jihadists?

By Catholic Online (NEWS CONSORTIUM)

Shocking images have emerged of decapitated bodies strewn across blood-filled streets in Palmyra While the world worries that the Islamic State will destroy the cities many priceless historical treasures, the wholesale slaughter of Palmyra's citizens has begun. ... continue reading


OOPS! Comment riles Iran, threatened to rain down '80,000 missles on Tel Aviv and Haifa' Watch

Image of The misquote was most likely based on Israeli Defense Minister Moshe Ya'alon's comments from the May 5 Shurat Hadin conference.

By Catholic Online (NEWS CONSORTIUM)

Israeli Defense Minister Moshe Ya'alon made a comment recently that was taken out of context. The comment was so misunderstood that it prompted war talk from Iran. While the war talk was mostly bluster, Iran obviously took the comment seriously as Iran's United ... continue reading


All Middle East News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Sirach 44:1, 9-13
1 Next let us praise illustrious men, our ancestors ... Read More

Psalm, Psalms 149:1-2, 3-4, 5-6, 9
1 Alleluia! Sing a new song to Yahweh: his praise in ... Read More

Gospel, Mark 11:11-26
11 He entered Jerusalem and went into the Temple; and ... Read More

Saint of the Day

Saint of the Day for May 29th, 2015 Image

St. Maximinus of Trier
May 29: Bishop of Trier, Germany, from 332, and a miracle worker. He was ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter