Within one year Iranian currency's value down 55 percent

Within one year Iranian currency's value down 55 percent

Azerbaijan, Baku, Jan. 17 /Trend S.Isayev, T. Jafarov/

Iran national currency's value has decreased by 55 percent, Iranian MP, director of Majlis Research Center, Ahmad Tavakoli said, Mehr reported.

Tavakoli noted that the decrease occured within one year, due to price jumps at Iran's foreign currency exchange markets.

"In November 2011, dollar cost 13,200 rials, then the price jumped up to 20,500 rials," Tavakoli said. "And while the government tried to keep it low, this year it was already 28,000 rials per dollar."

Tavakoli noted, that such factors as bank debts, non-oil budget deficit, economic incompetence of government officials, and delay of remedy for such problems helped to increase liquidity in the country.

Recently, Iran's Finance Minister Shamseddin Hosseini said that Iran plans to omit the dollar and euro from its economic transactions in the future and rely on local currencies for trade - an initiative, that was reportedly supported by private Iranian companies.

In the last week of September 2012, the U.S. dollar cost some 24,500 rials in Iran, and on October 2012 it went sky-high to 37,000 rials, and later - to 40,000 rials on October 3.

As a result of such jumps in rates, tensions arised in Tehran, police arrested some 30 people, who might have been involved in currency manipulations at Iran's free markets.

On Oct. 19, the U.S. dollar was sold for 33,500 rials at Iran's free markets.

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