Impact of US sanctions on Iran spreads to world markets

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KUWAIT CITY, Aug 8: The impact of US sanctions on Iran has not only affected Iran, but has spread to world markets amid anticipation of the expected major repercussions on the Iranian economy, reports Al-Rai daily.

Word in the local Kuwaiti market is that the currency rate of one million Iranian toman will be close to KD 40 on Monday and Tuesday.

There was panic among many in Al- Sarafeen Street in Souq Mubarakiya and other local markets, Anticipation has left a mark on the faces of many money-changers and cashiers especially Iranians, as the riyal prices have been falling for weeks.

During a tour by the daily of several money-exchange offices and institutions, it noted the reluctance of many offi ces to deal with riyal or to at least provide it at the moment due to fear of successive changes in the exchange rates.

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