Code: 928814 A

The Iranian rial hit its lowest rate against the dollar since September 2018 on the unofficial market on Saturday.

The dollar on Saturday was being traded for as much as 186,000 on the unofficial market, registering a new high in the past few months.

According to the report, the Euros price has reached an all-time high of 20,600 rials.

CBI figures as showing that foreign assets had increased by 27.4 percent over the last Iranian year, to reach over $62 billion.

Iran's Central Bank says the collapse of the national currency is in part due to the fact that some countries like South Korea refuse to unlock billions of dollars owed to Iran for oil exports. It has also vowed to take legal actions to unblock the money, frozen in foreign banks for nearly two years.

The Iranian government says banking restrictions caused by US sanctions, the coronavirus pandemic, a drop in oil prices and a slump in the global markets has caused difficult conditions for Iran’s economy. Iran, one of the hardest-hit countries by the pandemic, has begun easing restrictions and is returning to normal life in order to support its economy.

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EURO Oil prices US sanctions US dollar coronavirus pandemic CBI figures
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