The US dollar equals 501,300 riyals
Bonbast data revealed that the Iranian currency fell to a record low against the US dollar, recording 501,300 riyals.
The price of the US dollar in the Iranian free (black) market is witnessing a record high, with the continuation of unrest and the increasing isolation of the country amid Western criticism of the strict security measures taken by Iran and its relations with Russia.
The unrest poses one of the biggest challenges to the ruling regime in Iran since the 1979 Islamic Revolution.
The decline of the Iranian currency comes despite the recent steps taken by the regime, including the appointment of Muhammad Reza Farzin as the new governor of the Central Bank on December 30, 2022, after the value of the local currency reached its lowest level ever against the dollar, in the midst of mass protests and continuous Western sanctions.
After years of Western sanctions over Iran’s nuclear program, the riyal was trading at 315,000 riyals to the dollar when anti-government protests erupted in mid-September.
The protests erupted with the death of a young Kurdish woman in the custody of the country’s “morality police”. The demonstrations escalated quickly and turned into calls for an end to more than 4 decades of mullahs’ rule.
