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Tehran bazaar closed as currency falls

October 3rd, 2012

FILE- In this Thursday, Jan. 26, 2012 file photo, an Iranian street money changer holds Iranian banknotes with a portrait of late revolutionary founder Ayatollah Khomeini, in the main old Bazaar of Tehran, Iran. President Mahmoud Ahmadinejad blamed the steep drop in Iran's currency Tuesday to "psychological pressures" linked to Western sanctions over Tehran's nuclear program. The remarks were part of his attempt to deflect criticism from political rivals that his government's policies also have contributed to the nosedive of the Iranian rial, which has lost more than half its value against the U.S. dollar this year and has sharply pushed up costs for many imported goods. The price hikes have added to the burdens on Iran's economy as it struggles with tougher sanctions targeting its crucial oil exports and measures blocking it from key international banking networks. (AP Photo/Vahid Salemi, File)Tehran's main bazaar has been closed as authorities tighten controls trying to halt the fall of Iran's currency after it hit a record low.

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