As of Saturday, one dollar fetched more than 190,000 Iranian rials.
State-run media says Iran’s revenue from crude oil exports remains frozen overseas, because of US sanctions. They add the coronavirus epidemic has also weakened Iran’s economy.
The rial’s value is now roughly a quarter of what it was at the start of 2018. Later in the year, the US withdrew from the 2015 nuclear deal aimed at curbing Tehran’s nuclear program. The administration of President Donald Trump also re-imposed sanctions against Iran.
In September of 2018, Iran’s currency hit its previous lowest value.
The International Monetary Fund calculates that Iran’s economy shrank 7.6 percent last year. It also expects the country’s inflation rate to reach 34.2 percent this year.
Analysts say inflation in Iran may accelerate further and put more financial strain on people’s lives.
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