It is a small but notable sign of optimism in Iran after Sunday’s interim nuclear deal — its beleaguered currency is recovering.
The Rial rose another 1.4% on Monday to 28,900:1 vs. the US dollar, nearing its strongest position since the election of President Rouhani in June.
In 2012, amid tension over the nuclear issue and US-led sanctions, the Rial lost 70% of its value. Its official rate at that time was 12,260:1 vs. the dollar, but at times it was above 40,000:1.
Mohammad-Baqer Nobakht, a senior advisor to President Rouhani, said on Monday that the US has already released $8 billion in Iranian assets following the agreement to limit Iran’s enrichment of uranium in return for easing of sanctions.
FM Zarif: “Nuclear Programme Preserved…Sanctions Have Crumbled”
Foreign Mohammad Javad Zarif said on Monday that, even though Iran’s right to enrich uranium was not formally recognized in the Geneva agreement, “The structure of Iran’s nuclear programme was preserved.”
Zarif told nuclear scientists, “The structure of the sanctions [has] crumbled.”
The Foreign Minister continued:
“Has the right to have a nuclear power plant or reactor been written into the accord?
Generally speaking, [a country’s] right does not need to be recognized and it is necessary that other countries respect this right.
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