Iranian Currency Hits Record Low Amid Expected US Sanctions
The Iranian rial has hit a record low against the US dollar as the US prepares to announce new sanctions. The currency dropped to 2.02 million rials per dollar on Monday, a significant decline from its previous lows. The US has stated that the upcoming sanctions will add further pressure on Iran's economy, which is already struggling due to previous sanctions and an American naval blockade.
Iran's official Central Bank rate is around 1.5 million rials per dollar, but the market rate is what most Iranians pay. The country's currency has been under pressure since the US and Israel attacked Iran in February, and it has repeatedly hit new lows as nearly six months of war have taken a toll.
Iran's Foreign Ministry spokesperson warned that Tehran will respond harshly to the anticipated sanctions, which are set to be announced on Monday. The measures are expected to target not only Iran but also its neighbors, with consequences for countries in the region.