Iranian Rial Hits Historic Lows Against Major Currencies

The Iranian rial has hit historic lows against major currencies. The euro surpassed 300,000 tomans for the first time on October 3rd, while the US dollar reached around 265,050 tomans. This dramatic decline in value has severely eroded consumer purchasing power.

Average monthly wages have fallen from approximately 120 euros to about 70 euros since the beginning of the year. In Tehran, residents report that food prices have skyrocketed over the past six months. A loaf of bread now costs around 50,000 tomans, up from 25,000 tomans, and a kilogram of rice has risen from 350,000 to 550,000 tomans.

Ali Zeyn Vandi, Iranian Interior Ministry spokesman, expressed concern over the sharp increase in prices. He emphasized that goods are currently available across the country but urged citizens not to believe reports of shortages, which he characterized as 'hostile propaganda.'