2024-03-24T19:28:55+00:00
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/ The Iranian riyal recorded a record low on Sunday, after reaching 613,500 against the dollar, while the country celebrated the Persian New Year.
Today, Iranians tried to exchange riyals for dollars at the main exchange centers on Ferdowsi Street in Tehran, but most of them were closed due to the Nowruz holiday, which lasts from March 20 to April 2.
Mohsen, 32 years old, an employee in an exchange shop, said, “The holiday contributed to the decline in prices,” adding, “This price is not real, as the demand for buying dollars is very high, but there are a small number of exchange shops that are still open.” .
The Nowruz holiday lasts for two weeks and provides an opportunity to travel abroad, which increases the demand for the dollar and the euro, and the exchange rate strongly affects other markets, including housing and rents.
The dollar was equivalent to 590,000 rials on March 18, the last working day before the holiday. The savings of many Iranians evaporated as the value of the local currency fell.
Today, the rial is worth about one-twentieth of what it was in 2015, when Iran signed the nuclear deal with world powers.
The price of the dollar has fallen from 32 thousand riyals to hundreds of thousands since then, and the Iranian currency reached its lowest levels in February 2023 at 600 thousand riyals against the dollar, and since then it has not risen above 439 thousand riyals.
Iran’s relations with the West reached their lowest level after US President Donald Trump announced a deal that called on the country to end its nuclear program in exchange for access to frozen funds and other benefits.