Iran’s currency hits new record low amid anti-government protests

By AP 26 February 2023, 2:24 pm

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In this photo from August 8, 2018, a man exchanges Iranian rials for US dollars at an exchange shop in the Iranian capital Tehran. (AFP Photo/Atta Kenare)

Iran’s currency falls to a new record low, plunging to 600,000 to the dollar for the first time as the effects of nationwide anti-government protests and the breakdown of the 2015 nuclear deal continued to roil the economy.

Iranians have formed long lines in front of exchange offices in recent days, hoping to acquire increasingly scarce dollars. Many have seen their life savings evaporate as the local currency has deteriorated. Inflation reached 53.4% in January, up from 41.4% two years ago, according to Iran’s statistics center.

Iran’s currency was trading at 32,000 rials to the dollar when it signed the 2015 nuclear accord with world powers.