Turkish Lira, Iranian Toman Drop Due to Anti-Kurdistan Stances

09/10/2017 - 10:59 Published in Economy


ERBIL — Due to their opposition to the independence bid of the Kurdistan Region, the Turkish and Iranian currencies have significantly slumped against the US dollar.

The Turkish lira had dropped by 4.3 percent since September 15 due to the country’s opposition against Kurdistan Region's referendum and its threats to halt the Kurdish oil exports to Ceyhan port and shutting the border crossings with Kurdistan.

By Monday morning, Turkish lira had further dropped (TL3.701 to 1USD) due to the diplomatic tensions between the US and Turkey. The US has suspended visas services in Turkey after the Turkish authorities arrested a US embassy employee last week.

The Iranian toman also has seen significant fall due to Tehran’s threats to halt trade ties with Erbil and shut the borders.

The dollar fetched as much as 3,200 Iranian tomans on September 10, while on Monday, October 9, it fetched 4,000 tomans.

Economists believe that the value of Iranian and Turkish currencies will further decline and that will affect their economy if they continue to object to Kurdistan’s efforts for independence.