THE GUARDIAN: Riyal falls to record low after Obama administration blacklists Tehran's central bank
Iran's currency value has fallen more than 10% in less than a week to record lows, after a US move to tighten financial sanctions against the Islamic republic.
The riyal lurched to as low as 16,800 to the dollar, down from 15,200 at the end of last week. It was valued at 10,500 just a year ago.
The slump was blamed on US sanctions which target the Iranian central bank. The White House move to blacklist any company or institution that trades with the Central Bank of Iran aims to make it harder for Iran to sell its oil.
Iran has threatened to close the Straits of Hormuz, through which one-sixth of the world's oil supply passes, if the west takes aim at its oil industry. The Iranian navy on Monday fired a second missile test in as many days in the Gulf, firing a long-range rocket that they claim could hit targets "hundreds of miles away". » | Agencies in Tehran | Monday, January 02, 2012
