Iranian currency hits all-time low amid US blockade
The Iranian rial reached an all-time low against the U.S. dollar amid a U.S. naval blockade of the Strait of Hormuz, exacerbating the country's economic crisis. The currency's sharp decline follows a 70% loss in value from the previous year and coincides with inflation reaching 65.8% over a one-month period. The worsening economic conditions have led to widespread job losses and raised concerns of renewed public unrest.
Opening excerpt (first ~120 words) tap to expand
The Iranian rial hit a new record low on Wednesday as the country’s economy enters its most dire straits yet, amid a U.S. blockade of the Strait of Hormuz. The currency remained stable during the war, but beginning on April 27, demand for foreign banknotes suddenly flooded the open market. The U.S. naval blockade has prevented Iran from acquiring foreign currency through exports, leading the rial to enter a precipitous decline after already faring poorly last year. The Iranian Student News Agency said that the rial fell roughly 15% in two days, with Wednesday’s exchange rate sitting at 1.81 million rials to every one U.S. dollar.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
Discussion
0 commentsMore from Washington Examiner
