Many Foreign Firms Leaving Iran While Currency, Rial, Falls Released: 2018-July-29

Many Foreign Firms Leaving Iran While Currency, Rial, Falls Released: 2018-July-29
The French car manufacturer, Renault, is likely to leave Iran to avoid the renewed US sanctions. The decision comes despite previous promises that Renault intends to remain in the country, reports Radio Farda on its English-language website on Saturday.



US President Donald Trump decided to withdraw the United States from the nuclear agreement with Iran in May this year and reintroduce the country's severe sanctions against the Tehran regime.

Renault follows decisions from several other major companies including Maersk, Total, Peugeot, General Electric, Boeing, Reliance and Siemens, who have already left Iran to avoid US punishment.

Economic experts in Iran and West say that the US sanctions will be hard against the regime and the country's maladministration in the next four months.

Iran's currency, rial, passed the psychologically important 100,000 limit against the dollar on Sunday, according to the French news agency AFP. A dollar was traded for 102,000 rials on the unofficial market on Sunday, reports AFP with reference to foreign exchange traders in Iran.

The regime has not succeeded in counteracting the robust cases of rial despite several actions. It introduced an official exchange rate of 42,000 rials for the US dollar earlier in April and threatened to arrest and even settle currency traders who did not respect the official rate. The president of the regime, Hassan Rouhani, decided last week to change the central bank manager to stop the free fall of the rial.

But these measures have not worked since the rial continues to fall like a rock. Many experts say the situation will only get worse when the first US sanctions against Iran enter into force on the sixth of August, which severely limits the access of the Iranian regime and Iranian banks to the dollar.