Iran’s Cash Reserve reaches “almost zero”

The Islamic Republic’s cash and gold reserve has reached ‘’almost zero” in the last week, a confidential source within Iranian Central Bank told Avatoday on Thursday.

“As the cash and gold reserve is almost zero, the (Iranian) government allowed money exchange offices to import as much Dollar as they want,” the source said, “70 tons of Iran’s gold reserve have been spending on either supplying gold coins to the market or to buy dollar.”

Iranian currency has lost about two-third of its value since last year. The currency market tracking platforms also recorded the rial at the 140,000-to-the-dollar level on Thursday.

 Since the US pulled out of Iran Nuclear deal in May and exposed financial sanctions on Tehran, Islamic Republic is facing severe economic crisis.