Tehran – Iran’s currency, the rial, has fallen to its weakest level on record against the US dollar as the country faces high inflation and mounting international sanctions.
According to Bonbast.com, a website that monitors exchange rates in Iran’s free foreign exchange market, the selling price of the US dollar in the open market has reached a record 2.3 million rials.
The rial has come under sharp pressure following additional US sanctions imposed on Iran under the “Operation Economic Outcast” campaign. The sanctions are aimed at further isolating Tehran economically from the international financial system.
Iran’s annual inflation rate has reached 61.4 percent, while official figures show that food prices have increased by 128.1 percent over the past year.
The sharp depreciation of the rial and rising consumer prices have added to economic pressure on households and businesses across Iran.
