Iranian Rial Plunges to New Low Amid US Sanctions

The Iranian national currency has hit an all-time low due to ongoing economic sanctions and the country's involvement in war. According to financial portal bon-bast.com, one euro is now equivalent to three million rials on the open market.

This significant devaluation of the currency has resulted in a drastic decline in the population's purchasing power. Experts estimate that the average monthly wage has dropped from around 120 euros at the start of the year to approximately 70 euros today.

The rising cost of imports, particularly consumer goods and raw materials, is exacerbating domestic price pressures. Locals in Tehran have reported a significant increase in food prices over the past six months. For example, the price of a loaf of bread has doubled from 250,000 rials to 500,000, while a kilogram of rice now costs 5.5 million rials, up from 3.5 million.

The U.S. imposed economic sanctions on Iran in response to its closure of the Strait of Hormuz and subsequent blockade of Iranian seaports. This has virtually halted Iran's oil trade, further contributing to the country's economic woes.