Iran’s currency hits a record low
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Iran’s currency fell to a record low of 613,500 rials to the dollar as people celebrated the Persian New Year. The low prices were attributed to the Nowruz holidays, which caused most exchange shops to be closed. The two-week holiday drives demand for U.S. dollars and Euros. The exchange rate strongly affects other markets, including housing and rentals. The rial's value has depreciated significantly since 2015, falling from 32,000 rials to the dollar to the hundreds of thousands. Iran's inflation rate for February 2024 was reported at 42.5% by the Statistics Center and over 46% by the Central Bank. Iran's relations with the West have been strained since the U.S. withdrew from the nuclear deal in 2018. Economic conditions have led to widespread anger at the government, but many Iranians are focused on meeting basic needs rather than engaging in political activism. The rial's record low came after a parliamentary election with low turnout dominated by hard-line politicians.
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