Iran’s rial has hit a fresh record low, surpassing the symbolic 2 million per dollar threshold on the informal market, trading at approximately 2.2 million in early September. This decline has accelerated in recent weeks, while the central bank’s official rate remains fixed at 1.5 million rials per dollar, creating a 40-45% gap with the real market rate. US sanctions against Iran, the UAE’s suspension of trade, and annual inflation at 84.4% are fueling this monetary crisis. Essential goods prices have surged, with vegetable oil up 383% and eggs climbing 294%. This continued collapse of the rial is severely eroding Iranian households’ purchasing power and deepening the country’s economic isolation.
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