CryptoBriefing and The National Business both report the rial's record low near 2 million per dollar, but disagree on whether Iran is still exporting any oil.
CryptoBriefing and The National Business both report the rial's record low near 2 million per dollar, but disagree on whether Iran is still exporting any oil.
What all sources agree on
- The rial hit an all-time low against the US dollar.
- The exchange rate reached roughly 2 million rials per dollar on the open/parallel market.
- Sanctions and broader economic pressure are cited as driving the currency's decline.
Where the reports disagree
1Whether Iran is still exporting oil
Iran's oil exports have been curtailed but not eliminated. Iran still manages to sell crude, primarily to China, often at steep discounts and through opaque channels.
Iran has effectively halted oil exports, eliminating a critical source of foreign exchange revenue amid tightening US sanctions.
What would settle it: Official Iranian customs or central bank export/revenue data, or independent tanker-tracking data on Iranian crude shipments.
2Central bank governor's statement on oil revenue
The Central Bank of Iran governor said he had spoken to counterparts overseas and was told revenue from oil sales had "fallen to zero". He added: "The same thing has happened to us and it is a reality that we are not exporting oil."
Iran still manages to sell crude, primarily to China, often at steep discounts and through opaque channels. But the volumes and prices are far below what would be needed to stabilize the currency.
What would settle it: A direct transcript or recording of the Central Bank of Iran governor's statement, or Iran's official trade/export statistics.
What to make of it
Treat the rial's record-low exchange rate near 2 million per dollar as established by both accounts, but treat the status of Iran's oil exports as unresolved until official export data or a verified statement from Iran's central bank is checked directly.
Treat the rial's record-low exchange rate near 2 million per dollar as established by both accounts, but treat the status of Iran's oil exports as unresolved until official export data or a verified statement from Iran's central bank is checked directly.
