Iran’s currency hits record low
The Iranian rial has fallen to its lowest level in history, surpassing the two million rial mark against the dollar in the open market, due to the worsening economic crisis caused by the war and increasing American sanctions. The currency's decline has led to rising food prices, such as rice increasing by around 60% and meats by over 150%, along with high inflation and expectations of more than 5% contraction in GDP. Concurrently, the United States is preparing to impose stricter sanctions on Iran in an effort to exert more pressure on its deteriorating economy, while the tension is impacting global trade movements and halting navigation in the Strait of Hormuz.
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