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Economy

Iranian Currency At New Low Of 540,000 Against Dollar

February 24, 2023
Akhtar Safi
1 min read
Iranian Currency At New Low Of 540,000 Against Dollar

The Iranian currency has plummeted to a new record low against the U.S. dollar amid the country’s increasing isolation, a worsening economic situation triggered by years of sanctions and political instability sparked by ongoing nationwide protests.

On February 24, the dollar went past the 540,000-rial mark for the first time on the open market.

The currency lost more than 30 percent of its value since the eruption of the anti-government protest in September.

According to reports from financial news agencies, the euro rose to 560,000 rials and the British pound was trading at 640,000 rials.

With an 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 limits to Tehran's nuclear program.

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

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