HIBAPRESS
The Iranian currency fell today, Monday, to its lowest level in history, approaching 1.25 million rials against the dollar in the free exchange market, according to Iranian media including the semi-official Tasnim Agency.
The rial was trading at around 55,000 against the dollar in 2018, when the administration of US President Donald Trump reimposed sanctions on Iran to pressure it by reducing its oil exports and restricting its access to foreign currencies. Iranian media held the government responsible for the deterioration of the rial, due to recent economic liberalization policies and the decision to allow importers to use the free exchange market to import basic goods, which increased pressure on the market and raised the price of the dollar. The Iranian economy faces the risk of recession, with the World Bank expecting a contraction of 1.7% in 2025 and 2.8% in 2026, amid monthly inflation of 48.6% in October, the highest in 40 months. Despite this, Iran announced last month an increase in fuel prices in December, which will mainly affect drivers who consume more than 100 liters per month.
