Iranian currency value further depreciates under sanction pressure

Iran's currency further lost its value against foreign currency on Saturday. One U.S. dollar was traded for about 28,800 rials Saturday in Tehran's street market compared with Sunday's rates when one dollar was exchanged for about 24,800 rials. Iran announced Monday that it had opened a center under the supervision of the central bank to stabilize the depreciating value of its currency. The center started with 24,040 rials as a base value for one dollar on Monday -- the rate was set to be 2 percent below the street market deals. Dollar at the designated value was supposed to be only offered to the import of the country's needed goods. Since 2012, Iran's currency value has significantly slumped against foreign currencies due to heavy pressure in January brought by the U.S. sanctions on Iran's central bank. Earlier this month, Iran's currency value depreciated further against foreign currencies in the street market of Tehran as one dollar was exchanged for about 26,000 rials, the lowest since the beginning of the new Iranian year which started on March 20, whereas a year ago the same amount was traded for 13,000 rials. According to analysts, Iranian rial's value suffers further depreciation due to the mismanagement of the country's economic and financial sector and as Western sanctions tighten against Iran 's financial, energy and petrochemical sectors over the Islamic republic's disputed nuclear program.