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Iran’s rial currency fell to a new low of $1.2 million against the US dollar on Wednesday as nuclear sanctions hit Tehran’s ailing economy.
Traders offered the new exchange rate as efforts so far to restart talks between the US and Iran over their nuclear program appear to have stalled.
The new record low is putting upward pressure on food prices and other costs making daily life more challenging for Iranians. Prices of meat, rice and other staples of the Iranian dinner table have soared.
Meanwhile, people are concerned about a new round of fighting between Iran and Israel, as well as potentially the United States, following June’s 12-day war.
,life This will not only make it more difficult for ordinary people, but it will also raise public concern over whether the government – given limited inflows of foreign exchange due to sanctions – has the resources to maintain and repair the country’s aging infrastructure,” said Ali Moshtagh, a 53-year-old electrical engineer.
Iran’s economy has been badly affected by international sanctions, especially after US President donald trump The US unilaterally withdrew from Tehran’s nuclear deal with world powers in 2018. At the time of the 2015 deal, in which Iran significantly limited its uranium enrichment and stockpiles in exchange for the lifting of international sanctions, the rial traded at 32,000 to the dollar.
After Trump returned to the White House for his second term in January, he resumed his so-called “maximum pressure” campaign tehran With restrictions. He again went after companies trading Iranian crude, including those selling at a discount to China.
At the end of September, united nations Diplomats referred to this as a “snapback” mechanism, through which nuclear sanctions were reimposed on Iran. Those sanctions froze Iranian assets abroad, halted arms deals with Tehran and punished any development of Iran’s ballistic missile program, among other measures.