Iran’s exchange rate has fallen to 1.5 million riyals to the dollar, the lowest level on record, following widespread protests in Iran over the economic crisis.
The exchange offered the price at a time when Iran is still struggling with international sanctions, particularly those related to its nuclear program, as well as mismanagement by government officials.
Protests began in Iran on December 28 following the collapse of Iran’s currency, the riyal, and quickly spread across the country.
downward spiral
The Iranian rial has fallen into a new downward spiral as the US measures cut off Iran’s vital flow of dollars from Iraq and sharply reduced foreign exchange earnings from oil sales.
According to official estimates, Iran’s gross domestic product has fallen from about $550 billion two years ago to about $356 billion now, a loss approaching $200 billion in just two years, reflecting the depth of the crisis that began in the banking sector and spread to broader political and social ramifications.
The exchange rate of the Iranian rial has fallen to 1.5 million riyals to the dollar, the lowest level on record, after the economic crisis sparked mass protests across the country.
Currency exchange shops posted the rates at a time when Iran is still struggling with the effects of international sanctions, particularly those related to its nuclear program, as well as mismanagement by government officials.
Protests in Iran began on December 28 last year after the collapse of Iran’s currency, the rial, and quickly spread across the country.
downward spiral
The Iranian rial has entered a new downward spiral as US measures have cut off Iran’s vital dollar flow from Iraq and sharply reduced foreign exchange earnings from oil sales.
According to official estimates, Iran’s GDP has fallen from about $550 billion two years ago to about $356 billion now, a loss of nearly $200 billion in just two years, reflecting the depth of the crisis that began in the banking sector and spread to wider political and social repercussions.
