Iran’s rial has fallen to a record low against the US dollar as Washington prepares to announce additional sanctions targeting Tehran’s already struggling economy.
The rial dropped to about 2.02 million per US dollar on Monday, while Iran’s official central bank rate remained around 1.5 million rials per dollar.
Iran’s economy has been under severe pressure from high inflation, declining economic growth, previous US sanctions and the ongoing war. The price of basic goods has also increased sharply, with rice reportedly rising by about 60% and beef prices climbing by more than 150% since the war began.
The International Monetary Fund expects Iran’s economy to contract by more than 5%.
Despite the economic difficulties, the pressure has not yet resulted in major political changes. Iran continues to use its control and influence over shipping through the Strait of Hormuz as a strategic advantage.
The conflict has severely disrupted traffic through the vital waterway, through which about one-fifth of the world’s traded oil passed before the war.
Iran has also demanded conditions for fully reopening the strait, while Iran and Oman are reportedly working toward a plan for jointly managing the waterway.
The developments come as the United States prepares to impose further sanctions, potentially putting additional pressure on Iran’s currency, businesses and ordinary citizens.
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