Iranian Currency Sinks to New Record

Manama: The Iranian rial has hit an all-time low, nearing 1,250,000 rials per US dollar, a significant decline from 55,000 rials in 2018 before US sanctions were imposed. The currency's drop is attributed to new government economic policies and recent changes allowing importers to access the open market for essential goods.

The World Bank predicts a recession, with economic shrinkage of 1.7% in 2025 and 2.8% in 2026, alongside rising inflation, reported at 48.6% in October. Iran plans to raise fuel prices in December for high-usage drivers, adding to the economic pressure