The Iranian rial rallied against the US dollar, after the signing of an agreement between Iran and Saudi Arabia on Friday that restored diplomatic ties severed seven years ago.
Iran's currency surged by about 21 per cent since hitting a record low of about 583,500 against the greenback on February 27 and was trading at an average of 458,500 against the US dollar as of Sunday, according to the website Bonbast that tracks the rial.
The rial plunged after the US unilaterally withdrew in 2018 from a milestone nuclear deal, known as the Joint Comprehensive Plan of Action, which Washington had struck together with the EU, Russia, China and Iran in 2015.
The Iranian currency continued to fall as the US, under the presidency of Donald Trump, tightened sanctions against Tehran.
Western countries also stepped up pressure on Iran over its recent crackdown against anti-government protests.
The EU, UK and US imposed additional sanctions on several senior Iranian officials and the Islamic Revolutionary Guard Corps.
Amid mounting pressure and economic isolation, Iran imposed restrictions last month on foreign currency sales after a rush on euros and dollars weakened the rial to a record low against the greenback.
The Central Bank of Iran scrapped a programme that allowed people to buy up to €5,000 ($5,324) a year from authorised sellers and replaced it with a stricter annual limit of €500 for air passengers, according to the Tasnim news agency.
The agreement between Saudi Arabia and Iran was a positive “diplomatic shock” to the currency market, the Tehran-based newspaper Donya-e-Eqtesad said on Sunday.
Arab countries and the international community welcomed the agreement reached by Saudi Arabia and Iran.
The agreement came after talks between the two countries, held from March 6-10 and hosted by China, according to a communique released by the three nations.
A deal with the International Atomic Energy Agency earlier this month that allows the agency to resume monitoring activities of Iran's uranium enrichment activities has also helped the rial rebound from record lows against the dollar.
As part of the agreement with the nuclear watchdog, Iran will provide further information and access to address outstanding concerns about safeguards related to its uranium enrichment programme.
The agreement with the IAEA came after the agency reported that uranium particles enriched up to 83.7 per cent had been found at an underground nuclear site in the country.
In a statement last week, the US said Iran’s continued production of uranium enriched up to 60 per cent "has no credible peaceful purpose" and that "no other country" uses uranium enriched to 60 per cent for the purpose Iran claims.
Under the 2015 JCPOA agreement, Iran agreed to remove its stockpile of medium-enriched uranium, reduce its pool of low-enriched uranium by 98 per cent and cut its gas centrifuges for 13 years by about two-thirds.
As part of the agreement with the IAEA that had been put in place under the 2015 nuclear deal, Tehran will now allow the reinstallation of monitoring equipment, which it removed last year.
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
