Iranian Rial Falls Further As Protests Over Decimated Economy Continue
By RFE/RL June 01, 2022
Iran's currency, the rial, has continued to weaken as unrest in the country grows over an economy in shambles due to the effects of U.S. sanctions over Tehran's nuclear program.
The value of one U.S. dollar rose on June 1 to as high as 31,500 rials, compared with 28,150 rials a month before, according to the foreign-exchange site Bonbast.com, its lowest level since September 2021.
The stranglehold of U.S. sanctions along with government mismanagement has led to soaring inflation, high youth unemployment and rising poverty, while recently elected President Ebrahim Raisi's administration has struggled to halt the economic tailspin.
Due to skyrocketing prices and the rial's free fall in recent years, the purchasing power of Iranians has declined rapidly and many in the country of more than 80 million people have had their savings wiped out.
The economic turmoil has sparked protests in the streets of many Iranian cities.
Security forces have arrested protesters and officials have downplayed the unrest, though Raisi has said "hard decisions" on public-sector wages and prices have to be made even if people disagreed.
Written and reported by Ardeshir Tayebi
Copyright (c) 2022. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.
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