Iran's Currency Hits Record Low as Economic Crisis Deepens
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The recent parliamentary elections in Iran have resulted in more hardliners coming into power, leading to a fall in the value of the Iranian currency rial. The rial has fallen by almost 20 percent since early January, adding to its steep devaluation since 2018 when Donald Trump withdrew from the JCPOA nuclear deal and imposed sanctions on Iran. Concerns about Trump's possible return to the US presidency have also significantly shaken Iran's currency market, with the US dollar surging to 600,000 rials last week .
Iranians have concluded that there is no hope of improving domestic economic conditions and have resorted to different markets, including currency, to avoid the rapid depreciation of their cash. Iran's economy is severely impacted by corruption, international sanctions, banking is...
#newstr #Iran #Currency #Economy #Inflation #Nowruz #ExchangeRate