Currencies

Iranian Hardliner Warns Of Further Fall Of Battered Currency

In the midst of Iran’s economic turmoil, a politician close to the country’s political establishment expressed concern over the government’s stance on the plummeting value of the national currency.

Yaser Jabraili, the head of the Center for Strategic Supervision of the Expediency Discernment Council, highlighted President Ebrahim Raisi’s administration’s apparent lack of intent to alter its course, officially speaking of an exchange rate of 1,000,000 rials per dollar.

“What caused concern is that Raisi’s government has no intention to change direction and officially speaks of 1000,000 rials per dollar.”

A recent report from Iran’s state news agency, IRNA, underscored the dire situation, projecting an alarming trajectory for the exchange rate. According to IRNA, if the current monthly growth trend of 4% persists, the value of the dollar could exceed 1,000,000 rials in the near term, escalating to 1,300,000 rials by March 2025 and a staggering 2 million by March 2026.

Iran’s economy has long grappled with persistent inflation exacerbated by international sanctions and domestic economic mismanagement. Restricted access to global markets has led to shortages of essential goods and currency devaluation. Last week, the Iranian rial plunged to a record low of 613,500 to the dollar, coinciding with celebrations for the Persian New Year.

The depreciation of the Iranian rial has had profound repercussions, eroding the life savings of many citizens. Since the signing of the nuclear accord in 2015, the rial’s value has plummeted drastically, with inflation rates soaring. Discrepancies in official inflation figures have added to the uncertainty surrounding Iran’s economic outlook, with the government’s Statistics Center and Central Bank reporting conflicting data.

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