Iran's Currency Hits Record Low Amid Ongoing War and US Sanctions
Iran's currency has hit an all-time low of 2.5 million rials per US dollar, a significant drop from the 42,000 rials it took to buy one dollar five years ago. This drastic decline is attributed to the ongoing war, new sanctions, and a US blockade on Iranian oil exports.
The situation has prompted Iran's Revolutionary Guard to appeal directly to the American public, calling for pressure on the government to end the war and lift the blockade. IRGC spokesman Hossein Mohebbi read a 25-page letter during a news conference in Tehran, challenging the US assertion that ships can safely transit the Strait of Hormuz.
The Iranian government has stated its willingness to negotiate on its nuclear program but will not accept 'bullying or coercion.' Foreign Minister Abbas Araqchi proposed reopening the Strait of Hormuz within seven days if the US ends the fighting, lifts its blockade, and releases frozen Iranian assets. Meanwhile, Iran's Parliament Speaker warned that regional oil supplies could be at risk if Iran is unable to sell its own oil.