The Iranian rial has hit a new low as the currency crisis gets worse

Thekabarnews.com—The value of Iran’s national currency has dropped to an all-time low, showing how bad the country’s economic crisis is right now. 

The Iranian rial has lost so much value that one rial is now worth almost nothing in euros. On the open market, one US dollar is worth almost one million rials. 

The steep drop in value shows how much strain Iran’s economy has been under for years because of international sanctions, rising inflation, and a lack of trust in the currency. 

Observers of the market assert that the current exchange rate represents a significant psychological threshold. 

Reuters quotes analysts as saying, “The rial has lost almost all of its practical value in daily transactions.” They also noted that regular Iranians are increasingly using foreign currencies or physical assets to protect their investments.

Bloomberg reports that the rial’s slide has sped up because of stricter U.S. sanctions and lower oil income, which have made it very hard for the government to get hard money. 

Currency traders in Tehran informed the source that exchange rates vary many times a day, which shows how unstable and unpredictable the market is right now. 

The collapse of the rial has led to uncontrollable inflation, resulting in increased costs for basic necessities such as food, medicine, and housing. On the other hand, wages haven’t kept up, making life very hard for many people. 

Analysts say that the rial will probably keep going down until there are fundamental changes or a breakthrough in discussions to relieve sanctions. 

For many Iranians, the numbers themselves have become symbols. For example, the fact that one dollar now costs a million rials is a clear sign of how far the economy and the currency have plummeted.