But smugglers have gone into overdrive since late September, when growing pressure from Western sanctions caused the Iranian rial to sink, making diesel even cheaper for Pakistani buyers.
What does IRR stand for?
IRR stands for Iranian Rial (ISO currency code)
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of IRR
We have 115 other meanings of IRR in our Acronym Attic
- Intermediate Ring Road (India)
- Internal Rate of Return
- Internal Recall Recorder (Telex Vega)
- International Radio Regulations (various locations)
- Internet Routing Registry
- Interrupt Request Register
- Investigative Records Repository
- Investment Return Ratio (economics)
- Ionising Radiations Regulations
- Ionizing Radiations Regulations
- Iron Road Railways, Inc.
- Issues Relating to Research
- Individual Ready Reserve - Alternative Preassignment System Test
- Interrupt Request Register 1
- Increasing Relative Risk Aversion
- Individual Retirement Rollover Account (financial)
- Industrial Relations and Research Association
- Institute for Reliability and Risk Analysis
- Institutional Repositories and Research Assessment (UK)
Samples in periodicals archive:
ENEMIES "WILL NOT SUCCEED" Tehran is seeking the lifting of sanctions that have slashed oil exports and helped reduce the value of the Iranian rial by about half in the last year, contributing to higher inflation and weakened purchasing power for ordinary Iranians.
The Iranian rial is continuously depreciating against the US dollar and this is not sustainable for medium-sized companies trading with Iran.
He admits in the attached article that the sanctions have created economic woes: the Iranian rial is down 40% against the dollar, oil exports are down 50% this year, car production is down 42%, and inflation is way up, close to 50%.
For now, one American dollar is more than 3,000 Iranian Rial.
The Iranian rial has plummeted in value against the dollar over the past year, with the slide accelerating over the past month.
Rostam Ghasemi said economic restrictions imposed by Western countries, led by the United States, over fears that Iran is developing a nuclear weapons programme have caused the value of the Iranian rial to nosedive 80 per cent this year.
Since Europe was taking one-fifth of Iran's remaining oil exports, that blow was enough to send the Iranian rial into free-fall.