Sunday , 21 April 2024

Iran’s Rial Hits All-Time Low Against Dollar, Economic Crisis Deepens

Iranwire – The dire economic situation in Iran has reached new heights as the country’s currency hit an all-time low against the US dollar. 

The currency’s dip comes amid Iran’s increasing isolation and a worsening economic situation triggered by years of sanctions and political instability. 

On April 2, the US dollar went past the 630,000-rial mark for the first time on the open market.

In the span of just one month, the Iranian Rial has depreciated by approximately 14 percent in value.

With the annual inflation rate reaching about 50 percent, Iranians have been scrambling to convert their savings into hard currencies or gold.

Under the 2015 nuclear deal, most international economic sanctions were scrapped in exchange for limitations on Tehran’s nuclear program, which helped the currency revive. 

But former United States President Donald Trump withdrew from the agreement in 2018 and reimposed harsh economic sanctions on Iran, prompting Tehran to resume nuclear activities prohibited by the nuclear pact.