Iranian currency continues decline amid Trump’s return to presidency
Date
12/15/2024 3:41:52 AM
(MENAFN) The Iranian currency continued its decline on Saturday, hitting a new record low against the dollar. This sharp depreciation comes amid uncertainty surrounding the potential return of Donald Trump to the White House and heightened tensions with the West over Tehran's nuclear program. The Iranian rial dropped to 756,000 rials per dollar in the unofficial market during Saturday’s trading, compared to about 741,500 rials on Friday, according to the exchange rate tracking website "Bonbast.com." Another website, "Bazaar360.com," reported that the dollar was being sold for roughly 755,000 rials.
The decline of the rial is further exacerbated by Iranians seeking to protect their savings from the country’s official inflation rate, which is about 35 percent. As a result, many people are turning to the dollar, other foreign currencies, gold, and cryptocurrencies, reflecting growing concerns about the rial's continued depreciation and the country’s economic stability.
The currency’s plunge follows a series of events, including the International Atomic Energy Agency's board of governors approving a resolution proposed by European countries against Iran, which raised the risk of further sanctions. The situation worsened after the fall of Syrian President Bashar al-Assad, a long-time ally of Iran, signaling additional geopolitical uncertainties.
Since the reimposition of sanctions in 2018, the Iranian rial has lost more than 90 percent of its value, marking a severe blow to the country’s economy and further deepening the financial crisis facing ordinary Iranians.
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