The collapse of the Iranian riyal continues despite the pumping of two billion dollars into the markets

The Iranian riyal recorded a new record decline, surpassing unprecedented low levels, despite the Central Bank’s announcement to pump up to two billion dollars into the market to support the local currency, in light of increasing economic pressures burdening the Iranian economy as a result of sanctions and the US naval blockade.

Bonpast.com, which specializes in monitoring the free market for currencies, reported that the selling price of the dollar rose to about 2.688 million riyals, compared to about 2.632 million riyals last Friday. In the same context, the “Al-Anshand.com” website showed that the dollar exchange rate reached about 2.695 million riyals.

For its part, Reuters quoted Iranian state television as saying that government banks have begun selling up to two billion dollars, in an attempt to curb the deterioration of the rial, which has lost more than half its value over the past year.