Iran's Currency Crashes to Record Low Amid Inflation and US Sanctions
The Iranian currency, toman, has reached an all-time low against the US dollar due to soaring inflation and fresh US sanctions. The dollar's selling rate on Iran's free market hit a record 200,000 tomans, marking a historic low for the currency.
Iran's annual inflation rate has skyrocketed to 61.4%, according to official data, with food prices increasing by a staggering 128.1% year-on-year. This has put immense pressure on Iranian households, making it difficult for them to afford basic necessities.
Iranian President Masoud Pezeshkian acknowledged the difficulties faced by the public and described the situation as a 'full-scale economic, military and security war.' He criticized the US sanctions campaign, which he said was aimed at isolating the Iranian economy.