Iran’s Currency Hits Record Low as War Strains Economy

Iran’s currency has fallen past 2.5 million rials to the US dollar, a new record low, the Associated Press reported on September 29.
The previous record was 2.2 million rials, set on September 2. The drop comes as a US naval blockade and fresh sanctions squeeze Iran’s economy.
Talks on the Strait of Hormuz were described as “more serious” this week. Inflation has eroded ordinary Iranians’ savings.
The central bank has not announced new intervention measures. Economists say the fall reflects both war pressure and weak oil revenue.
The rial has lost value steadily for years. Analysts warn further declines could fuel unrest.
Iran’s leaders blame foreign pressure for the crisis. The United States has tightened its maritime restrictions around Iranian oil shipments.
The rial’s slide has pushed up prices of food and medicine across Iran. Merchants in Tehran’s bazaar say business has slowed sharply. The government has blamed what it calls an economic war by the United States. Analysts say the blockade has cut oil exports, Iran’s main income source.
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