2024-03-24 20:19:00
Iran’s economy is consumed by a major crisis. Iran’s currency fell to a record low today (Sunday), plunging to 613,500 to one dollar, while Iran celebrated the Persian New Year.
People tried to exchange Iranian rials for foreign currency in the central center of Tehran, but most were closed due to a national holiday, the Persian New Year, which runs from March 20 to April 2.
Mohsen, a 32-year-old worker at one of the exchange shops, told the AP that the holiday brought about the low prices, “The price is not real, the demand to buy dollars is very high, but there are only a few shops open.” He and other Iranians spoke on the condition that their last names not be used, because of the possible implications of speaking to foreign media about the country’s economic struggles.
The price per dollar was 590,000 per dollar on March 18, the last business day before the holiday.
Many Iranians saw their life savings evaporate as the local currency plummeted. One dollar is worth about twenty of what it was in 2015, when Iran signed a nuclear deal with world powers.
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