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Iranwire – The Iranian Rial continued its downward spiral on Saturday amidst escalating tensions with Israel and concerns of a potential war.
The US dollar surpassed the 660,000-rial mark for the first time on the open market.
With an annual inflation rate reaching about 50 percent, Iranians have been scrambling to convert their savings into hard currencies or gold.
The Rial’s decline intensified following the recent Israeli attack on Iran’s consulate in Syria and subsequent tensions between the two nations.
The Iranian government has yet to offer a public explanation for the sharp decline of the Rial.
The combination of a weakening currency, rising tensions, and a potential trade imbalance threatens to create significant economic hardship for the Iranian people.
With the annual inflation rate reaching about 50 percent, Iranians have been scrambling to convert their savings into hard currencies or gold.
