Iran recorded an annual inflation rate of 46.5 percent in the last Iranian calendar month, which ended on March 21, according to the central bank, amid a worsening economic situation triggered by years of sanctions and political instability sparked by nationwide protests.
The official inflation rate announced on March 26 is among the highest reported by the authorities in more than 30 years. The actual inflation is believed to be higher.
With such high inflation, Iranians have been scrambling to convert their savings into hard currencies or gold.
The US dollar was trading at 512,200 rials on the open market on March 27.
Under a 2015 nuclear deal between Tehran and world powers, most international economic sanctions were scrapped in exchange for limits to the Iranian 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.
Indirect talks between Tehran and Washington to revive the accord have stalled since September.