BAKU, Azerbaijan, September 28. Iran’s currency, the rial, has fallen to its lowest level ever against the US dollar as the country faces severe inflation and the impact of US sanctions.
According to pashizi.com, a website tracking Iran’s free foreign exchange market, the free-market selling rate of the US dollar reached a record 2.3 million rials.
The sharp depreciation of the rial comes as Iran faces growing economic pressure following the launch of the US “Operation Economic Outcast”, a new package of sanctions aimed at further isolating Tehran financially from the international economy.
Iran’s annual inflation rate has reached 61.4 percent, while official data shows that food prices increased by 128.1 percent year on year.
