Iranian rial banknotes on display at a currency exchange in Tehran, Iran. The currency has plunged more than 70% in the wake of tougher US sanctions by the outgoing administration of former president Donald Trump. Getty Images
Iranian rial banknotes on display at a currency exchange in Tehran, Iran. The currency has plunged more than 70% in the wake of tougher US sanctions by the outgoing administration of former president Donald Trump. Getty Images
Iranian rial banknotes on display at a currency exchange in Tehran, Iran. The currency has plunged more than 70% in the wake of tougher US sanctions by the outgoing administration of former president Donald Trump. Getty Images
Iranian rial banknotes on display at a currency exchange in Tehran, Iran. The currency has plunged more than 70% in the wake of tougher US sanctions by the outgoing administration of former president

Iran’s rial rallies 13% since December on Trump departure


Massoud A Derhally
  • English
  • Arabic

Iran’s currency rallied 13 per cent since the beginning of December on the prospect that relations with the US will improve under President Joe Biden.

The US dollar on Iran's open market was down to 228,500 rials on Wednesday compared with 262,500 on December 1, 2020, according to currency trading website Bonbast.com.

The rial has gained about 11.5 per cent since January 6 when a joint session of the US Congress convened to count and confirm the results of the Electoral College, which declared Mr Biden as president. The official exchange rate is 42,000 rials per dollar.

The Iranian currency lost more than 70 per cent of its value during the term of former US president Donald Trump. Mr Trump's administration unilaterally withdrew from a nuclear accord that places limitations on Iran's nuclear enrichment capabilities and imposed numerous sanctions on Iran that led to rising inflation and limited its ability to trade.

In addition to tougher US sanctions, the coronavirus, fluid oil prices and a slump in the global economy deepened Iran's economic crisis, aggravating the country's banking crisis. The country has the highest death toll in the Middle East from the pandemic.

Mr Biden, who served as vice president under former US president Barack Obama, whose administration along with Russia, China and three European countries, negotiated the nuclear agreement with Iran, has said he wants to rejoin the accord on condition Iran returns to compliance.

On Wednesday, as Mr Biden was being sworn in, Iran's President Hassan Rouhani urged the new US administration to return to the 2015 nuclear agreement and lift sanctions on Tehran.

"The ball is in the US court now. If Washington returns to Iran's 2015 nuclear deal, we will also fully respect our commitments under the pact," Mr Rouhani told a televised Cabinet meeting.

"Today, we expect the incoming US administration to return to the rule of law and commit themselves, and if they can, in the next four years, to remove all the black spots of the previous four years," he said.

The Tehran Stock Exchange’s main index has been fluid throughout the past year. The benchmark has plunged 42 per cent since August, when it broke through the 2 million threshold. On January 18, the TSE’s main index, the TEDPIX, fell 36,989 points to 1.149mn. That followed a 6.5 per cent drop the previous week.

What is graphene?

Graphene is a single layer of carbon atoms arranged like honeycomb.

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.

At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.

It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.

But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties. 

 

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

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.

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Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

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Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5