Iranian stocks see sharp decline after protests

By Sahin Demir and Murat Karadag

ISTANBUL (AA) - The Tehran Stock Exchange saw its sharpest fall in more than one year following the protests, according to Iranian daily Dunya-yi Iqtisad (World Economy) on Thursday.

The stock exchange had an upward trend before the start of the protests in the country and it fell two percent in just one week, the daily reported.

It further stated that the stock exchange had its sharpest fall since June 2016.

The U.S. dollar also gained value by five percent in one week against the Iranian rial.

Iranian media also reports about the long queues people make in front of jewelry stores to buy foreign currencies.

Last Thursday, Iranians took to the streets in the northeastern cities of Mashhad and Kashmar to protest rising inflation and perceived government mismanagement.

These demonstrations were followed on Saturday and Wednesday by large pro-government protests.

At least 23 people have been killed -- including a police officer -- while hundreds more have reportedly been detained.

On Wednesday, Mohammad Ali Jafari, the head of Iran’s elite Revolutionary Guard Corps, announced that the days-long wave of street demonstrations in Iran had effectively ended.

"Today is the day the sedition ended," Jafari said in comments broadcast on Iranian state television.