The Iranian riyal witnessed its lowest level ever against the dollar, as it fell to 892 thousand and 500 riyals in the informal market in trading yesterday, according to the Achanders.com website, which specializes in foreign exchange.
This decrease comes after Iranian Leader Ali Khamenei rejected talks with the United States, and that US President Donald Trump announced the re -imposing a “maximum pressure” policy on Tehran.
According to the Bazaar 360 dot com website, the price of the dollar reached 883 thousand and 100 riyals, while the Noa era reported that the dollar was trading at 891 thousand riyals.
The value of the riyal decreased by 11% during the past month. While the Iranian foreign exchange market has become more flexible in the face of diplomatic and geopolitical developments, the currency remains very vulnerable to economic pressure.
Increasing economic pressure
The Iranians are looking for safe havens for their savings in the face of official inflation, which amounts to about 35%, by buying the dollar and other foreign currencies, in addition to gold and encrypted currencies, which increases pressure on the local currency.
The dollar was trading at about 690,000 riyals in November, when Trump was re -elected, amid fears of escalating US sanctions and increasing regional tensions, including enabling Israel to target Iranian nuclear sites.
Penalties and its repercussions on the currency
In 2018, Trump withdrew from the nuclear agreement concluded by the administration of former US President Barack Obama in 2015, and re -imposed economic sanctions on Iran. These sanctions have caused the riyal to lose more than 90% of its value since then.
The nuclear agreement was aimed at restricting Iran’s ability to enrich uranium, a process that can be used to produce materials involved in the nuclear weapons industry. However, the American withdrawal from the agreement led to the deterioration of the Iranian economy significantly, as the currency fell to new record levels.
In a reminder of the basic challenges facing the country, the semi -official Iranian Mehr News Agency stated that schools, universities and public institutions were completely closed in most parts of the country yesterday, Saturday, with 27 provinces affected by the cold wave.
Iran is facing a worsening energy crisis. In recent months, the country has faced a severe gas shortage, which left it without enough fuel to supply power stations and homes. As a temporary measure, the government routinely closes industries and public offices to deal with the continuous energy shortage.
