$2.5 Million Rial: Iranian Currency Hits Record Low Amid Ongoing War
The Iranian rial has hit a record low against the US dollar, making it nearly impossible for ordinary people to afford foreign exchange. It now takes an astonishing 2.5 million rials to buy just one dollar, with the Central Bank of Iran's official exchange rate standing at around 1.65 million rials per dollar.
The drastic decline is largely attributed to the ongoing war, US sanctions, and the blockade on Iranian oil, which has severely impacted the country's revenues and availability of dollars. The Iranian economy has been under pressure from international sanctions for years, but the current crisis has intensified since the war began.
Iranian Foreign Minister Abbas Araghchi told local media that the Strait of Hormuz is currently the main focus, with mediators attempting to broker an agreement between Iran and the US to end the fighting and reopen the waterway. However, despite efforts to negotiate, US President Donald Trump rejected an Iranian proposal to end the war and reopen the strait within seven days.