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Shops Remain Closed After Iran Currency Clashes

Posted October 4th, 2012 at 6:05 am (UTC-5)
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Shops in the Iranian capital’s main bazaar have mostly remained shut Thursday, a day after riot police clashed with protesters upset by the plunge in the nation’s currency, the rial. Witnesses said only a few shops were open and that police were patrolling the area in central Tehran. Shopkeepers shut down their stalls Wednesday as […]

Tags: , Posted in Middle East

Iranian Police Clash with Protesters After Currency Plunges

Posted October 3rd, 2012 at 3:20 pm (UTC-5)
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Witnesses in Iran say riot police fought with protesters Wednesday marching against the plunge in the nation’s currency, the rial. Shopkeepers in Tehran’s main bazaar shut down their stalls and police are reported to have arrested illegal street currency changers. Iranian President Mahmoud Ahmadinejad has rejected growing domestic criticism of his policies as the rial […]

Tags: , , , Posted in Middle East

Iranian Police Clash with Protesters After Currency Plunge

Posted October 3rd, 2012 at 7:10 am (UTC-5)
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Witnesses in Iran’s capital say police have clashed with protesters who were speaking out against a plunge in the nation’s currency. Police in riot gear were reported to be breaking up the Wednesday demonstrations in central Tehran. Iranian President Mahmoud Ahmadinejad has rejected growing domestic criticism of his domestic policies as the rial slumped to […]

Tags: , Posted in Middle East

Iran’s Ahmadinejad Rejects Domestic Criticism as Currency Slumps

Posted October 2nd, 2012 at 5:30 pm (UTC-5)
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Iranian President Mahmoud Ahmadinejad has rejected growing domestic criticism of his economic policies as the national currency slumps to another record low against the dollar. Street traders said the rial traded as low as 39,000 per dollar on the black market on Tuesday before recovering slightly. A day earlier, the currency hit a record low […]

Tags: , Posted in Middle East

Iran’s Currency Loses 17 Percent of Value in One Day

Posted October 1st, 2012 at 8:20 pm (UTC-5)
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Iranian currency tracking websites and street traders say the rial lost about 17 percent of its value against the dollar on Monday — another apparent indication that Western sanctions are hurting the Iranian economy. The rial weakened to about 34,500 per dollar in Monday trading on the black market, compared to Sunday’s rate of about […]

Tags: , Posted in Middle East

Geithner Calls Beijing’s Currency Action “Promising”

Posted April 18th, 2012 at 12:10 pm (UTC-5)
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U.S. Treasury Secretary Timothy Geithner says China’s recent decision to let its currency’s value increase compared to the dollar is “significant” and “promising.” China’s critics say Beijing intervenes in currency markets to push down the value of the yuan. A lower value means Chinese-made goods are cheaper for foreign buyers, boosting China’s exports. But China […]

Tags: , , Posted in Economy

Burma Stages First Free-Market Currency Auction

Posted April 3rd, 2012 at 9:10 am (UTC-5)
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Burma has staged its first foreign exchange auction under a new system that sets the kyat currency free from its previously fixed rate. The state-run New Light of Myanmar newspaper on Tuesday announced the managed float of the kyat, abandoning the peg of 8.5 kyat to the dollar. Markets determined the rate Tuesday at 818 […]

Burma Announces Currency Exchange Overhaul

Posted March 28th, 2012 at 5:30 am (UTC-5)
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The Burmese government says it will undertake a major overhaul of its currency system as part of its program to modernize the nation’s moribund economy. The official New Light of Myanmar newspaper said Wednesday the central bank will implement a managed floating exchange rate effective April 1, the same day parliamentary by-elections will be held. […]

Ahead of Key Visit, China Vows to Continue Currency Reforms

Posted February 9th, 2012 at 3:10 am (UTC-5)
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A senior Chinese official said Thursday that Beijing will continue recent policies that have allowed the value of its currency, the yuan, to gradually rise. But Vice Foreign Minister Cui Tiankai dismissed accusations that his government was pushing up the value of the yuan in order to improve the atmosphere ahead of next week’s visit […]

Tags: , , , Posted in East Asia Pacific

China Derides ‘Meaningless’ Currency Debate with US

Posted December 28th, 2011 at 6:35 am (UTC-5)
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China’s state news agency on Wednesday praised the U.S. Treasury for refusing to label Beijing as a currency manipulator, saying it is time to move beyond what it calls a “useless, meaningless” quarrel over the value of its yuan currency. Although the U.S. Treasury on Tuesday said the yuan was significantly undervalued, it refused to […]

Tags: , , Posted in East Asia Pacific

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