Iran’s national currency, the rial, has hit a new all-time low of 1.8 million to the US dollar. The sharp depreciation follows a nearly 45-day war with the US and Israel and a US naval blockade of Iranian oil exports.
The rial has lost 12.5% of its value since January alone. Economists warn that this will lead to a new wave of inflation, as the prices of imported primary goods such as food, medicine, and raw materials are directly linked to the dollar exchange rate.
A similar currency shock had already led to widespread protests in January.
