The value of Iran’s currency, the rial, has plummeted to an all-time low against the US dollar. This sharp depreciation comes as the country’s economy grapples with a crisis fueled by rampant inflation and harsh sanctions.
According to Bonbast.com (formerly Pashiji.com), a website that tracks Iran’s open foreign exchange market, the selling price of the US dollar has hit a record high of 2.3 million rials.
This severe devaluation of the Iranian currency follows the US administration’s imposition of a new round of sanctions dubbed “Operation Economic Outcast.”
The new US sanctions aim to further isolate Tehran financially from the global economy.
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A live report by the Qatar-based news outlet Al Jazeera indicates that Iran’s annual inflation rate has risen to 61.4 percent. Official data shows that the price of food items in the country has surged by 128.1 percent over the past year.
