Iran's Rial Hits Record Low as US Prepares to Announce New Sanctions

The Iranian rial has hit a record low, trading at 2.02 million to the US dollar on Monday as Washington prepares to announce new sanctions.

This move comes as Iran's economy continues to struggle under the weight of previous sanctions and a U.S. naval blockade.

Rice prices have increased by 60% since the start of the conflict, while beef prices are now over 150% higher.

The International Monetary Fund predicts that Iran's GDP will contract more than 5%, exacerbating an already dire economic situation.

Iranian Foreign Ministry spokesperson Esmail Baghaei warned that any escalation would have consequences, but emphasized that 'our hands are not tied.'