Iran’s currency, the rial, dropped to its lowest value ever, nearing 1,250,000 rials per U. S. dollar.
In 2018, it was around 55,000 rials to the dollar, before U. S. sanctions were imposed to limit Iran’s oil exports and foreign currency access.
Iranian media attributed the currency’s decline to new government economic policies that added pressure to the market. Ordinary Iranians buy currency in the open market, while businesses use state-controlled rates.
Recent changes allowing importers to access the open market for essential goods have raised the dollar’s price. The World Bank predicts a recession, with economic shrinkage of 1.7% in 2025 and 2.8% in 2026, alongside rising inflation, reported at 48.6% in October. Iran plans to raise fuel prices in December for high-usage drivers.
With information from Reuters
