Iran's Rial Tumbles to Historic Low
The dollar surged past 1,580,000 rials in domestic trading, marking a sharp acceleration from weekend levels near 1,510,000 rials. Currency monitoring platforms show the rial has shed approximately 5 percent of its worth since January began.
Nour News cited escalating geopolitical frictions, internal fiscal strategies, worldwide market turbulence, and surging domestic appetite for hard currency as primary drivers behind the freefall.
Tehran has attempted market intervention measures, including last month's reinstatement of Abdolnaser Hemmati as Central Bank chief. Hemmati succeeded Mohammad-Reza Farzin, who stepped down, with a mandate to combat runaway inflation, anchor currency valuations, and tackle entrenched financial sector problems and graft, per Iranian government statements.
Yet despite the currency's dramatic erosion, Hemmati recently minimized concerns, claiming the forex market operates along its "natural course."
Economic hardship has ignited public anger. In December, merchants across Tehran's Grand Bazaar closed shop in defiance of the rial's meltdown and proposed subsidy eliminations for essential goods and energy. The protests, which erupted Dec. 28, rapidly expanded countrywide, acquiring political overtones and descending into violence. Iranian officials have consistently rejected claims the demonstrations represent genuine grievances, instead blaming the United States and Israel for orchestrating the disorder.
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