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Iran is facing a sharp decline in the value of its national currency, the rial, which has plummeted to its lowest levels ever against the dollar. The unofficial market rate has reached around 2.04 million rials per dollar, compared to the official rate of approximately 1.5 million rials. This downturn comes amid intensified U.S. sanctions and Washington's efforts to economically isolate Tehran, alongside a drop in oil exports and an increased demand for imports. These factors have led to soaring inflation and a worsening living situation in the country, with food prices rising by as much as 128%. Authorities assert that the decline is temporary and that they are taking measures to secure foreign currency, while Iran seeks to strengthen its relations with partners in China and the BRICS group to counter external pressures.
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