The depreciation of Iran’s currency against the U.S. dollar has continued in recent days, reaching near all-time lows as the country faces multiple economic challenges.
Iran’s rial on Wednesday came close to 180,000 against one U.S. dollar, registering an 11 percent decline in the past two months. The rial has also lost value against the euro and other major currencies, as well as against gold.
Before the 1979 revolution in Iran each US dollar traded for 70 rials. Today’s exchange rate shows around a 2,500-fold fall for the currency in 41 years.
In March 2017, the rial was trading at 37,000 against the U.S. dollar, but it began to lose value towards the end of that year as fears spread of a possible U.S. withdrawal from the Iran nuclear deal and the imposition of new sanctions.
As tensions with Beijing continue to rise amid the fallout over its handling of the coronavirus, a new report sheds light on the alleged nefarious movements of the Chinese Communist Party (CCP) across Africa.
The report by the Heritage Foundation, obtained exclusively by Fox News and titled “Government Buildings in Africa Are a Likely Vector for Chinese Spying,” asserts that “Beijing likely has better surveillance access to Africa than anywhere else by having built or renovated at least 186 African government buildings,” and that the government “likely uses surveillance to, among other things, advantage its companies competing for contracts, spy on U.S. officials, and influence African officials.”
Joshua Meservey, the report’s author and Senior Policy Analyst for Africa and the Middle East at the Heritage Foundation, told Fox News: “The building spree is just one element of an extraordinary effort by Beijing to curry favor with African governments, and all evidence suggests it has been hugely successful.
“Beijing is challenging the U.S.-led global order that has brought unprecedented prosperity and stability to the world, including to the U.S. It wants to upend that system in favor of one so structured that no one dare oppose Beijing’s’s plans.”