Iran‘s currency (rial) hit an all-time low, dropping to 613,500 rials per dollar as Iranians celebrated the Persian New Year, as per an Associated Press’ report on Sunday.
Amid the Nowruz holidays from March 20 to April 2, exchange shops were mostly closed, exacerbating the situation.
The high demand for dollars during the two-week holiday season, often used for travel abroad, contributed to the currency’s decline. Moreover, the falling rial impacts various markets, including housing and rentals.
Iranians have suffered significant losses as the currency has depreciated, now worth one-twentieth of its value in 2015. Despite inflation rates conflicting between government agencies, reaching up to 46 per cent, economic woes persist.
Dire economic conditions and political disillusionment, reflected in low voter turnout and hard-line dominance in parliament, add to the challenges facing Iran.
