Summary Box: Iran dismisses impact on currency

AP News
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Posted: Jan 03, 2012 11:53 AM
Summary Box: Iran dismisses impact on currency

OFFICIAL LINE: Iran on Tuesday dismissed the idea that the steep depreciation in the country's currency against the U.S. dollar was linked to new U.S. sanctions targeting its Central Bank.

THE DECLINE: President Barack Obama on Saturday signed into law a bill that takes aim at Iran's Central Bank. The riyal hit a record low on Monday and had dropped by around 13 percent against the dollar in just two days to 18,000 riyals to the dollar.

NEW ACTION: Iranian officials are preparing for a meeting to assess measures to shore up the riyal in an already ailing economy.