Iranians Rush to Buy Gold, Dollars as Sanctions Tighten Grip

Iranians are rushing to buy gold and dollars, sending the national currency plunging, on concern the government may be unable to maintain economic stability as international sanctions tighten.

The average rate offered at currency exchange bureaus was about 15,300 rials per dollar, meaning the currency has lost about 15 percent of its value in a month, the Donya-e-Eqtesad newspaper said yesterday. The official rate yesterday was 11,030 rials per dollar, according to the Central Bank’s website. No rates were available for today, when Iran’s weekend began.