Iran currency hits record low before US sanctions
The Iranian currency has fallen to an all-time low against the dollar, reaching approximately 1.992 million rials in the black market, affected by the U.S. sanctions campaign aimed at isolating Iran. The reasons include threats to trading partners, the imposition of port blockades, and the choking off of oil exports, which are the main source of foreign currency. According to the Iranian Central Bank, oil exports have effectively ceased. On the other hand, China insists that U.S. pressures will not succeed and calls for a diplomatic solution. Meanwhile, Iran is strengthening its relations with alternative alliances to counter the sanctions, amid expectations that the country will soon face its harshest sanctions in history.
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