Iran's currency hits record low ahead of economy downturn

The value of the Iranian rial has fallen to a record low exceeding two million rials per dollar in the open market, according to currency tracking websites, while official figures are suggested to be higher by 29%. This decline comes as the U.S. Treasury prepares to impose a new round of sanctions on Iran, in accordance with plans they describe as "Economic Landing Day." This development coincides with the worsening economic crisis, as the International Monetary Fund forecasts Iran’s economy will shrink by more than 5% this year, with food price inflation exceeding 100%, and unemployment rates rising.

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