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Iran’s rial currency hits record low as shaky ceasefire with US and Israel holds
Experts said the currency’s slide will likely push up prices for imported goods as 500 workers in Rasht and 700 in Borujerd were laid off.
- Iran's national rial currency hit a record low of 1.8 million to $1 on Wednesday as a shaky ceasefire with the U.S. and Israel still holds.
- The war began Feb 28, adding significant strain to state finances and businesses, while an American blockade continues pressuring the economy by intercepting key oil shipments.
- Previously, the rial weakened from about 1.4 million to 1.6 million to the dollar in less than a week, deepening public anger over rising prices and economic fears.
- Experts warn the fall of the rial will likely fuel further inflation in Iran, where many imported goods from food to electronics remain affected by the dollar rate.
- Decades of sanctions have left Iran facing chronic inflation and a widening gap between official and open-market exchange rates, complicating the country's economic future.
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68 Articles
Iran’s Currency Hits Record Low as US Blockade Deepens Economic Strain
Iran’s rial fell to a record low on April 29, weakening to about 1.8 million to the U.S. dollar as a shaky ceasefire with the United States and Israel continued to hold, raising fears of a new inflation surge in an economy already battered by war, sanctions, and a U.S. naval blockade. The Iranian currency had remained relatively stable in the early weeks of the war, partly because there was minimal trading, but the rial began sliding earlier thi…
·New York, United States
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The currency had remained stable since the end of February, but the US blockade has been affecting the sale of oil and the economy.
·Montreal, Canada
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Total News Sources68
Leaning Left22Leaning Right9Center19Last UpdatedBias Distribution44% Left
Bias Distribution
- 44% of the sources lean Left
44% Left
L 44%
C 38%
R 18%
Factuality
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