Accessibility links

Breaking News

Tehran's Grand Bazaar Reopens As Government Imposes Currency Hike

Tehran's Grand Bazaar (file photo)
Tehran's Grand Bazaar has reopened, days after being ordered closed amid clashes over the collapse of Iran's rial currency.

The reopening came as the government of President Mahmud Ahmadinejad sought to encourage money traders to resume business by imposing a stronger exchange rate.

The semi-official ISNA news agency says the rial rose to 29,000 against the U.S. dollar on October 6.

The currency hit an all-time low of 35,500 to the dollar on October 2, a day before riot police arrested money changers at the bazaar for their purported role in the currency's decline.

Many Iranians blame the government for the currency crisis, which has been intensified by Western sanctions over Tehran's nuclear activities.

UN Secretary-General Ban Ki-moon has said that ordinary Iranians are facing increasing hardships as a result of the sanctions.

Based on reporting by Reuters and AP