Iran's rial strengthens after implementation of nuclear accord

Photo: Iran's rial strengthens after implementation of nuclear accord / Iran

Baku, Azerbaijan, Jan.20

By Fatih Karimov - Trend:

Major foreign currencies have lost value against Iran's national currency - rial on country's free market on Jan.20 with the implementation of the Geneva deal between Iran and world six powers.

According to different websites, including Mazenne, which monitors foreign currency prices, U.S dollar dropped 150 rials compared to Sunday and was sold at 29,150 rials.

Euro and pound also fell 300 rials and 100 rials, respectively and were priced at 39,600 rials and 48,000 rials.

It should be noted that Iran and the P5+1 reached a nuclear agreement on Nov. 24. Iran has agreed to curb some of its nuclear activities for six months in return for sanctions relief. Both Iran and the P5+1 group have agreed to implement the agreement starting from Jan. 20.

Under the agreement, six major powers agreed to give Iran access to $4.2 billion in revenues blocked overseas if it carries out the deal, which offers sanctions relief in exchange for steps to curb the Iranian nuclear program.

The U.S. and its Western allies suspect Iran of developing a nuclear weapon - something that Iran denies. The Islamic Republic has on numerous occasions stated that it does not seek to develop nuclear weapons, using nuclear energy for medical researches instead.

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