Iran’s currency slides to record low

Iran's currency rial sank to a record low against the US dollar.The rial was trading at 575,000 on the unofficial free market against the dollar,  The rial has lost nearly 45 percent of its value since nationwide protests following the death in police custody of a young Kurdish Iranian woman began in September.The reimposition of US sanctions in 2018 by then President Donald Trump have harmed Iran’s economy by limiting Tehran’s oil exports and access to foreign currency. Since September, nuclear talks between Iran and world powers to curb Tehran’s nuclear program in exchange for the lifting of sanctions have stalled, worsening economic expectations for Iran’s future.With annual inflation running at more than 50 percent, Iranians have been trying to protect the value of their savings by buying foreign currency or gold.

An industry source in Iran says that the government has not released any foreign currency in the past two months for importing animal feed. This can lead to serious shortages of meat and dairy products. Iran's rial has lost 100% of its value in six months. pic.twitter.com/MlDA8sbVej

— Iran International English (@IranIntl_En) March 3, 2023

Meanwhile, Iraq has reportedely refused to release Iran's frozen funds.