US Economic Pressure Chokes Iran's Economy Amid Hyperinflation and Currency Collapse
The United States' economic pressure on Iran is taking its toll on the country's economy. The value of the Iranian rial has plummeted to a record low, with over 2.2 million rials needed to buy one US dollar, down from 1 million rials just a year ago.
Inflation is also soaring, with a 12-month average inflation rate of 69.9%. Basic necessities like food and medicine are becoming increasingly unaffordable for ordinary citizens. The average monthly salary of workers is around $125, which falls short of even one-third of the basic household living expenses estimated by the government.
The US sanctions have also blocked Iran's access to the US dollar, making it difficult for the country to import essential goods and settle crude oil sales revenues. Even pharmaceuticals and food, which are exempt from sanctions, are becoming scarce due to over-compliance by global banks fearing US sanctions.