Iran's Economy in Free Fall as Currency Plummets to Historic Lows

The economic crisis in Iran has reached unprecedented levels after six months of war between the US and Iran, according to ordinary citizens.

The combination of ongoing conflict and a reinstated US naval blockade has paralyzed everyday life, plunging the national currency into a historic tailspin. The Iranian rial has fallen from around 1.45 million rials per US dollar in March to over 2.1 million rials by early September.

The economic shockwaves have hit the currency market hard over the past 10 days, with the free-market exchange rate for the US dollar breaching 234,000 tomans (2.34 million rials) and the euro soaring to an all-time high of 273,000 tomans (2.73 million rials).

Domestic corruption, doubling of fuel prices, and lack of planning have been cited as primary drivers of the crisis by some Iranian politicians. 'Regarding the economy, we must look inward,' said Hassan Ghashghavi, spokesman for the Iranian Parliament's National Security and Foreign Policy Commission.