The Iranian parliament, Majlis, will summon President Mahmoud Ahmadinejad to be questioned over troubles with the country’s national currency, the rial. It will be the second time a sitting president has been summoned by Majlis in less than a year. State television reported on Sunday that 77 lawmakers signed the petition for summon on Saturday, blaming the president and his cabinet for mismanaging the currency crisis. (IRIB/Associated Press, 4 November)
In September, the rial began a sharp decline in its value against the dollar, and by early October it was in free fall, plummeting to a historic low of 36,000 rials to the dollar in open markets. (Only a year earlier, the rial was traded at the rate of 11,500 to the dollar.) In the past few weeks, the rial has seen a modest rise in value, trading at between 31,000 to 33,000 rials to the dollar.