Iranian rial up on upbeat mood over economy

TEHRAN,June 23(MNA) -- The Iranian currency, the rial, continued its rise on the Tehran free market on Saturday on hopes that the economy could improve despite the international sanctions imposed on the country. The rial strengthened by nearly 1200 units against the U.S. dollar on Saturday. The rial was trading at around 31,900 to the dollar on Saturday afternoon compared with about 33,100 on Thursday. Meanwhile, Central Bank of Iran Governor Mahmoud Bahmani said on Saturday that the rial appreciation would continue in the coming days. The recent rial appreciation has occurred despite the unfair sanctions imposed on Iran's central bank by the United States and the European Union. On June 3, the White House expanded U.S. sanctions on the Islamic Republic, giving broad powers to U.S. authorities to begin targeting those found purchasing or selling large amounts of Iranian currency in foreign banks. The move, made via an executive order issued by President Barack Obama, was the latest escalation in the U.S. administration’s strategy of gradually tightening economic restrictions on Iran. The executive order targets anyone found to have “knowingly conducted or facilitated any significant transaction related to the purchase or sale of Iranian rial or a derivative, swap, future, forward, or other similar contract whose value is based on the exchange rate of the Iranian rial.” Individuals who have “maintained significant funds or accounts outside the territory of Iran denominated in the Iranian rial” will also be targeted, the order states.