US Port Blockade Impact: Iranian Rial Hits New Low Against US Dollar

Iran-US War Key News

(Central News Agency, Tehran, 29th, comprehensive foreign reports) Despite the ongoing fragile ceasefire agreement with the United States and Israel, according to exchange rate tracking websites, the currency rial fell to a new historic low against the US dollar today, as the United States continues to blockade Iranian ports.

Agence France-Presse reported that according to exchange rate tracking websites Bonbast and AlanChand, the current black market exchange rate is approximately 1 US dollar to 1.8 million rials. Two months ago, when the war broke out, 1 US dollar was exchanged for about 1.7 million rials.

Iran officially implements a multi-track fixed exchange rate system, but these two websites are generally regarded as indicators of unofficial exchange rates.

Associated Press reported that since the war broke out on February 28th, due to almost no trade and no imports to the Islamic Republic, the rial exchange rate remained stable for several weeks, but it began to depreciate two days ago and hit a new low today.

Experts warn that the depreciation of the rial may further push up inflation in Iran, especially since many imported necessities, from food, medicine, and electronic products to raw materials, are all affected by the US dollar exchange rate.

This currency collapse occurred only a few months after the last currency shock. In January, protests erupted in many parts of the country, and the rial against the US dollar fell from about 1.4 million to 1.6 million in less than a week, exacerbating public concern and dissatisfaction with rising prices and economic prospects. (Compiler: Ho Hung-ju) 1150429

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