Iran’s currency drops to record low of 1,500,000 rials to US dollar

Iran’s national currency continued its sharp decline on Tuesday, hitting an all-time low against the US dollar, as economic pressure remains a major concern for the country.

According to Iranian currency monitoring websites, the rial fell to 1,500,000 against the dollar.

Data from Bonbast.com shows that the currency has lost around five per cent of its value so far this month, reflecting growing instability in the foreign exchange market.

Commenting on the situation, newly appointed Central Bank Governor Abdolnaser Hemmati said the currency market was operating normally.

“The foreign exchange market is following its natural course,” he said, attempting to downplay concerns over the rapid depreciation.

The fall in the rial comes weeks after demonstrations broke out in Tehran’s Grand Bazaar on December 28, initially driven by rising prices and economic hardship.

The protests soon spread to other parts of the country and evolved into the most serious challenge to Iran’s ruling clerical system in years, with demonstrators calling for political change.