Iran’s currency has plunged to new lows as the country struggles with the economic aftershocks of the war with Israel, sparking protests from shopkeepers and piling pressure on President Masoud Pezeshkian and the Islamic republic’s leaders.
The rial has lost about 40 per cent of its value since the 12-day war in June, hitting a record low of 1.45mn to the US dollar on the open market in recent days.
The currency’s slide has accelerated as oil revenues have shrunk under sanctions from the US, which briefly joined the war to bomb Iran’s nuclear sites. The country’s stubbornly high inflation rate rose to 42.2 per cent in December year on year.
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