Iran's rial hit a historic low in currency trading today (Monday), dropping to 760,000 against the dollar. The rial has lost about 50% of its value in less than a year in such drops, according to Iran International.
This drop comes at a time when President-elect Donald Trump appears set to restore his "maximum pressure" sanctions campaign against the Islamic Republic in order to weaken the country's ability to fund and arm terror proxies and dissuade it from developing nuclear weapons.
Iran has been dealing with a variety of economic woes over the past year, including high cost of living, inadequate fuel supplies, and declining sales of sanctions-bypassing oil to China due to an economic slowdown there.
Among others, Iran has witnessed strikes and protests over the past several months from nurses, pensioners, and even farmers over worsening economic conditions, conditions not helped by the country's budget deficits.
0 Comments