Posted on 07/19/2020 2:00:35 PM PDT by BeauBo
The Iranian rial fell to a new low against the US dollar on the unofficial market on Saturday and has now seen its value fall by almost half in 2020 as the economy comes under pressure from the coronavirus pandemic and US sanctions.
The dollar was offered for as much as 255,300 rials, up from 242,500 on Friday, according to foreign exchange site Bonbast.com. The economic daily Donya-e-Eqtesad’s website gave the dollar rate as 252,300, compared with 241,300 on Friday.
The currency has lost nearly 48% of its value in 2020, more than half of that in the past month, as a drop in oil prices and a slump in the global economy have deepened the economic crisis in the country, which also has the highest death toll in the Middle East from the pandemic.
The official exchange rate – used mostly for imports of state-subsidised food and medicine – is 42,000 rials per dollar.
(Excerpt) Read more at dailytimes.com.pk ...
They are highly dependent on imports for almost all manufactured products, and the loss of oil revenue has starved them of hard currency to pay for those imports.
They are basically selling their country out to China at fire sale prices, to keep the lights on and the wheels turning. They recently signed an agreement to provide China oil below market prices, for the next 25 years (in violation of US sanctions).
Ping.
China and Iran...the human version of the "wicked witch of the east and the wicked witch of the west."
So much for INSTEX, eh?
Meanwhile, from 3 days ago...
That's 2,208,000 people for those TWO countries in a world with world-wide population holding at 7,594,000,000...that's almost a third of the earth's population.
The sheer numbers must count for SOMEthing.
.
.
I know that OUR forces over there are READY for them.
Imagine how bad they would be if they weren’t printing millions of counterfeit US currency....
Me thinks much of the world is coming to the conclusion that China and or the Chi-Coms are horse Shit/
Can you say WuHan Virus?
Sucks to be faisal
Maybe having a string of unexplained explosions ain’t too great for a currency either!
Rial value dropping....
Muslim Iranian woman: I tried to return my poorly sewn head to toe burqa at the Tehran Walmart. They insisted I take the lowest recent sale price even though I had the receipt! Cheated me out of thousands of devalued rials that way. I feel like joining a revolution or something. Or blowing up another nuke plant. I’m mad.
The ‘Rial’ soon to be no longer ‘Real’.
Fine, but how do you enforce it without sinking the ships carrying the oil? Could be allies..
Can you say "a virus a year"--because THAT is what China sends us EVERY winter.
I remember the:
Asian flu, 1957-58; 1969, 2018, 2019
Kong Kong flu, 1968
Swine flu, 1975
Wuhan virus, COVID-19, 2020
They KNOW that THEY are the cause of YEARLY flu epidemics and they KNOW the cause isTHEIR FILTH.
Another nasty Chinese flu will be here this winter. COUNT ON IT.
And what do WE do about it? Not a damn thing. We wring our hands but KNOW that if we cut them off we will have to pay MORE MONEY for the CRAPPY STUFF WE BUY FROM THEM because it's CHEAP.
No doubt at all.
However, the Saudi rial is 0.27 United States Dollar per real. It used to be .33 rial for a dollar. It's one of the MOST stable currencies in the world. The Saudi rial will continue to be worth more.
That miserable desert emptiness has what WE need: petroleum and natural gas. The latter used to be BURNED OFF but was finally captured by ARAMCO, bottled and sold abroad.
There is an area in Saudi Arabia call the EMPTY QUARTER...and trust me, there is no quarter on this planet that is MORE empty than the Rub' al Khali.
Google
Rub' al Khali
It is the sand desert encompassing most of the southern third of the Arabian Peninsula. The desert covers some 650,000 km² including parts of Saudi Arabia, Oman, the United Arab Emirates, and Yemen. It is part of the larger Arabian Desert.
=========================================
There is a spider there called the CAMEL SPIDER. Nassssty bugger. I got bitten by one. It jumped out of our coat closet and bit me on my left middle finger
My finger started to turn purple and THEN the purple started moving up my arm. I knew that the poison was on its way to my heart.
I jumped in the car and SPED to the clinic. I was pumped full of Benadryl and the bite went away.
Those buggers go downhill by straightening their 8 legs and making a WHEEL of their body.
HORRIBLE place to live.
Sounds about right. Poor countries produce VERY cynical people, especially cynical women. I don't blame them. They are at the VERY BOTTOM of the totem pole...unless they are from a rich, powerful family.
THAT IS THE THIRD WORLD.
I don't blame you for your reaction.
If I wanted quality I DIDN'T buy that crap there. Some of the finest cotton in the world is from Egypt. Naturally they export most of it. Their own people don't get it...WE do.
We bought what we can't get here and there's not much that we can't get here.
I think you misplaced a decimal point.
81.8 million = .0818 billion,
1.393 billion +
0.0818 billion =
1.4748 billion
It is amazing how President Trump can bring down vile governments around the world without firing a shot or losing a single American service man/woman.
“how do you enforce it (sanctions) without sinking the ships carrying the oil?”
Its a legal action. Companies and individuals are identified who take part in the sanctioned activity, and legal sanctions are applied to them.
Their assets or accounts may be seized, when in US or friendly nation control.
Sanctioned individuals or businesses might be banned from doing business in the USA, or with US businesses.
Things like that. It varies, depending on what the individual sanctions prescribe (there can be tougher or easier packages). We have a long history of enforcing such economic sanctions.
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