Friday, October 1, 2010Iranian currency decline and « Central » intervene
Tehran , Tokyo, New York - and agencies - Iranian rial fell more than ten per cent in the last two days , sparking speculation about the lack of hard currency in the country's financial sector exposed to international sanctions . The total sale price of USD 12 thousand and 200 riyals Wednesday as reported by Mehr News Agency reported , and the height of ten thousand riyals and 850 Monday. And a Reuters witness said that some of the dealers stopped selling the dollar while offering totally buy it. The newspaper said that the dollar's record peak of $ 13 thousand riyals Tuesday.
The central bank governor appeared on television on Wednesday afternoon to reassure the Iranians on the currency. He informed the Governor Mahmoud Bahmani , ISNA news agency « I assure you that from Thursday (yesterday) will display the dollar at a much lower .. Part of the price rise is real, but the other part is not true , and the central bank would intervene to curb the increase in false price.
And coincided with the rise of the dollar increase in the price of gold , which supports the view that the Iranians their assets transferred to the « safe haven.
The newspapers were full of speculation about the sudden downturn of the Real . A large number of them that currency dealers find it difficult to sell the real in the United Arab Emirates , which is an important trading partner on the other side of the Gulf , but they are closing in on some recent business with Iran because of international sanctions.
The newspaper said that the fall in the riyal may be a deliberate reduction of the value of the subsidy cuts , such as big government is about to do. Is likely to be to reduce the inflationary impact of support .
Inpex Oil
On the other hand , confirmed the Japanese media yesterday that the oil group Inpex of Japan will withdraw from the biggest oil field in Iran so as to avoid the imposition of U.S. sanctions on them.
The INPEX , which is the Ministry of Economy , Trade and Industry of Japan where the most prominent contributor , the most prominent investor in the development of Azadegan , estimated reserves of 42 billion barrels, tons of crude oil.
INPEX was significantly reduced its stake in 2006 from 75% to 10% because of international tensions over Iran's nuclear program . May Soon announce a full withdrawal from the project , says a large number of Japanese media.
Survival and a key party in the development of this major oil field , facing the risk of INPEX be included in a black list in the United States , including institutions, establish business relations with the Islamic Republic . In this case, the company may face difficulties in entering the U.S. market and in other parts of the world.
More transparency
In the meantime, Russia has urged Iran to the United Nations to show more transparency and cooperation with the International Atomic Energy Agency over its nuclear program , criticizing the United States and the European Union imposed upon sanctions outside the UN framework.
The representative of Russia in the UN Vitaly Churkin told the General Assembly of the United Nations that « on the Iranian side to provide the required level of transparency and cooperation with the International Atomic Energy Agency » . But he said Russia « sees no alternative for rational political and diplomatic settlement of the Iranian nuclear problem through a constructive dialogue between Iran and the six nations » .
