Iran’s hard currency rial rises after Rohani election; Saudi Arabia willing to cooperate with Iran
  • Share
  • Tweet
  • Email
  • Whatsapp
  • Linkedin
  • Print
  • According to reports, the Iranian currency, the rial, rose further on June 20, 2013 on hopes the country's economy could improve under its next presidency of Hassan Rohani. The rial has strengthened by nearly 10 percent against the dollar since Rohani was declared winner of the June 14 vote. The rial was trading at around 33,300 per dollar compared with about 36,300 at the close of business a week ago. The rial now hovers at around a third of the value it was at the end of 2011, just before the United States and the European Union levied sanctions on Iran's central bank, almost cutting off the Islamic Republic from the global banking system. 1
    In another development, according to reports, Saudi Arabia congratulated, Hassan Rohani for his victory in the June 14th presidential elections and also indicated its normal relations with the Islamic Republic in future. Saudi Arabia, Foreign Ministry Undersecretary Prince Turki bin Mohammed stated “If that is what Rohani aims for, then we support him and bless this position.” It would be worth noting that Saudi Arabia, the world’s top oil exporter and a leading Sunni Muslim power, has tense ties with Shia Iran, notably over the war in Syria, where they back opposing sides, political unrest in Bahrain, and the dispute over Iran’s nuclear program. King Abdullah congratulated Rohani on his election victory and hailed what he described as the moderate cleric’s wish to improve relations between the two nations. Rohani has held out the prospect of forging better ties between Iran and the world, including the United States, and progress on resolving the nuclear dispute. 2

    Top