The central bank is struggling to maintain the value of the rial but the nuclear dispute, the government's economic policies and fear of a strike makes it almost impossible," said analyst Hamid Farahvashian.
On Tuesday the exchange rate for dollar was 15,300 rials at the free market, from around 13,400 rials to the dollar last week. The rial has lost over 50 percent value against the dollar in the past few months.
International sanctions imposed on Iran since 2006, particularly those which made it difficult to transfer cash in and out of Iran, have had a negative impact on the value of the currency and made it difficult for Iranian banks to do business with western banks.
"Iran is facing serious economic hardship and the situation will worsen because of the increasing tension between the West and Iran over its nuclear activities," said Farahvashian.
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