Iran's Currency Crashes Amid Economic Woes and Security Crackdown
Iran's economic woes have worsened as its currency, the rial, plummeted to new lows. The exchange rate reached 2.688 million per US dollar in October, a significant drop from previous days. With inflation soaring above 70%, Iranians are struggling to afford basic necessities.
The central bank has intervened with up to $2 billion to stabilize the currency amid ongoing US sanctions and a naval blockade. Mehdi Darabi of Iran's central bank attributed the rial's decline partly to 'false predictions' by US officials about Iran's economy collapsing, calling the fall temporary despite current hardships.
Security forces have been accused of using extreme violence during protests in January 2026, including live gunfire against crowds. A witness recounted a heartbreaking scene where a toddler was shot in the face while being carried by parents who were also wounded.