Iran Central Bank Governor reveals reason for currency’s fall

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Iran’s central bank governor revealed that the recent anti-government unrest are to be partly blamed for the fall of the Iranian currency to record lows.

Meanwhile, authorities detained a prominent actress who had voiced support for protesters.

The unrest, which poses one of the biggest challenges to theocratic rule in Iran since the 1979 Islamic Revolution, also saw groups of oil workers holding protests on Saturday to demand higher wages, according to reports on social media.

The most recent unrest currently gripping Iran was triggered by the September 16 death in detention of Mahsa Amini, a 22-year-old woman who was arrested for wearing “inappropriate attire” under Iran’s strict Islamic dress code for women.

The Central Bank governor, Ali Salehabadi affirmed that “the events of the past two months” had contributed, along with U.S. sanctions, to a record fall of the Iranian currency, but suggested dollars could be injected into the market to shore up the troubled rial.

“To make adjustments in the (foreign exchange) market, we in the Central Bank will act both as a market-maker and as a hard currency policymaker,” Salehabadi said.

Iran’s troubled currency fell to a new low against the U.S. dollar on Saturday as Iranians desperate to find safe havens for their savings have been trying to buy dollars, other hard currencies or gold.

It was gathered that the country has lost nearly 20% of its value since the nationwide protests erupted three months ago.