Iran’s Currency Craters to All-Time-Low

Iran’s currency On Sunday, the currency fell to a new low, dropping to 600,000 rials per dollar for the first ever time in history. The country’s economy continues its turmoil from nationwide anti-government protests as well as international sanctions.

The purchasing power of Iranians has been Inflation decimated, which reached an annual rate of 53.4% in January – up from 41.4% two years according to the country’s statistics center. In an attempt to get more dollars, Iranians are now waiting in long lines at currency exchanges because of the difficult economic situation.

Iran’s government has launched a brutal crackdown on protesters who marched to the streets following the death of Mahsa, a Kurdish-Iranian 22-year-old woman who was accused of violating Iran’s Islamic dress code.

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This photo, which was released by the official site of the Iranian Presidency’s office, shows President Ebrahim Raisi attending a live televised interview on Saturday, September 4, 2021, at the presidency office, Tehran, Iran. Iran’s regime is in turmoil (Iranian Presidency Office via AP / AP Newsroom)

The protests quickly escalated into a call to have Iran’s Shiite rulers overthrown. It was one of their most significant internal challenges since 1979, when they were elected to power. The Iranian security forces attempted to suppress the protests by arresting thousands and killing hundreds of people since the unrest began.

Iran’s economy has been struggling in recent years since the U.S. pulled out of the 2015 nuclear agreement that lifted sanctions in return for tight limits and surveillance of its nuclear program. At the time of the signing, Iran’s currency traded at 32,000 Rial to the Dollar. 

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This photo was taken in Paris near the French National Assembly on December 6, 2022. The placards featured portraits of victims of Iran’s oppression. Hundreds of people were killed and thousands were detained during the Iranian regime’s crackdown. ( JULIEN DE ROSA/AFP via Getty Images / Getty Images)

Trump was the first to pull out of the nuclear deal. He claimed that Iran was still developing a ballistic missile program, failed to allow enough inspections of nuclear facilities and funded terror groups in the Middle East. 

The U.S. was able to reinstate the agreement after the withdrawal. Significant oil and banking sanctions These restrictions have hampered Iranian companies’ ability to do business internationally. 

However, Iran has It has deepened its economic ties With countries such as Russia, China, and Venezuela.

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Iran claims that it continues to be the world’s greatest oil producer. Program nuclear is merely for peaceful, civilian purposes – but experts say it had a nuclear weapons program until 2003 and is developing a breakout capacity that could allow it to quickly build an atomic weapon if the country’s leaders choose to do so. 

According to the International Atomic Energy Agency (IAEA), Iran has now enough material to arm itself, following a recent increase in its Uranium enrichment activities. “several” Atomic weapons, if it develops them.

This report was compiled by the Associated Press.

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