A man walks past a currency exchange office in Tehran's Grand Bazaar on March 3, 2025. (Credit: Atta Kenare/AFP)
The rial has plunged to a record low. On Wednesday, Dec. 3, Iran’s currency fell past 1.2 million to the U.S. dollar. Since U.S. President Donald Trump reinstated U.S. sanctions on the Islamic Republic during his first term in 2018 — followed by the return of U.N. sanctions in September through the “snapback” mechanism — the rial has been in near-constant decline.The economic crisis is weighing heavily on most Iranians, already struggling with historic drought and an energy crunch that makes daily life increasingly precarious. The cost of food in Iran, for example, rose 57.90 percent in one year as of September 2025, driven by soaring import prices.Iran’s Economy Minister Abdolnaser Hemmati was dismissed in March after a majority of lawmakers voted him out amid public anger over the rising cost of living. Below is an update with Thierry...
The rial has plunged to a record low. On Wednesday, Dec. 3, Iran’s currency fell past 1.2 million to the U.S. dollar. Since U.S. President Donald Trump reinstated U.S. sanctions on the Islamic Republic during his first term in 2018 — followed by the return of U.N. sanctions in September through the “snapback” mechanism — the rial has been in near-constant decline.The economic crisis is weighing heavily on most Iranians, already struggling with historic drought and an energy crunch that makes daily life increasingly precarious. The cost of food in Iran, for example, rose 57.90 percent in one year as of September 2025, driven by soaring import prices.Iran’s Economy Minister Abdolnaser Hemmati was dismissed in March after a majority of lawmakers voted him out amid public anger over the rising cost of living. Below is an update...
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