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TEHRAN, Iran (AP) — Iran's currency hit a new record low to the U.S. dollar on Monday, two days after President Barack Obama signed into law a bill targeting Iran's central bank as part of the West's efforts to pressure Tehran over its nuclear program.
State radio said the Iranian currency's exchange rate hovered around 16,800 riyals to the dollar, marking a roughly 10 percent slide compared to Thursday's rate of 15,200 riyals to the dollar. The riyal was trading at around 10,500 riyals to the U.S. dollar in late December 2010.
Originally posted by thoughtsfull
That can't be good, and I have a feeling nothing positive will come of this move..
There is no mistaking the direction moves like this risk heading us in.
Originally posted by Cosmic4life
If i were Iran i would be sorely tempted to just cease production for a week and see what happens then.
Lets see how the rest of the world reacts to no Iranian oil, i guarantee there would be another UN meeting to discuss less severe measures within the week.
No Iranian oil will mean a spike to $200-$300 dollars a barrel, crippling importing nations worldwide.
Originally posted by mayabong
reply to post by Daedal
Failing to see how that article says something opposite. Isn't it saying a USD buys you more Iran dollars than before? The same as the Iran dollar falling in value?
Correct me if I'm wrong.
Originally posted by Rockpuck
reply to post by miniatus
Iran doesn't have to shut down all oil operations. They need only embargo Western nations.. no imports to Europe. That alone would have devastating effects on the European economy, exacerbating the problems plaguing their nations. While the increased cost of oil would off set the lack of production a little bit, keep in mind Iran has a massive government surplus of funds, and huge "rainy day" funds. They could withstand the crisis far longer than the West.
Gulf Arab nations are prepared to offset any potential loss of Iranian oil in the world market, a senior Saudi oil official said as Iranian officials stepped up their rhetoric Wednesday about shutting off a key supply route.
The remarks from the world's largest oil producer came after Iran's vice president on Tuesday warned his country was ready to close the Strait of Hormuz — a vital waterway through which a sixth of the world's oil flows — if Western nations impose sanctions on its oil shipments.
As he embarks on a new five-year term starting New Year’s Day, Ban said one of his top priorities is to help Arab countries sustain their moves toward democracy. He also said he intended to do more for young people and women, and address frustrations over the growing gap between the rich and poor expressed by the Occupy movement.
This is a moment of historic change “which we have to seize and help them,” Ban said.
Ban’s ability to influence what happens is limited because the UN secretary-general has no independent power over international affairs. It is up to the UN’s 193 member states to take action, and only the actions of the powerful 15-member Security Council are legally binding.
Originally posted by Rockpuck
reply to post by Darkblade71
Iran may or may not want a nuke..... so what? Pakistan has nukes. Israel has nukes. I'd be surprised if Saudi Arabia doesn't have nukes.