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Iran

Iranian Rial Hits Record Low As Economic Woes Mount

The Iranian rial fell to an all-time low on Wednesday, December 18, trading at 777,000 rials to the US dollar, a sharp decline from 703,000 in November after Donald Trump’s victory in the US presidential election.

Central Bank Governor Mohammad Reza Farzin announced measures to stabilize the currency, including injecting $220 million into the market. Similar interventions have been used in the past with limited success.

Despite Iran’s vast oil and gas reserves, years of underinvestment, sanctions, and infrastructure mismanagement have left the economy ill-prepared for crises, contributing to rolling blackouts, gas shortages, and the current energy crisis, exacerbated by harsh winter weather.

The rial’s stronger value in 2015 during Iran’s nuclear deal, when it traded at 32,000 to the dollar, contrasts sharply with today’s conditions.

The 2018 US withdrawal from the accord under Trump reignited sanctions and economic instability. (JPost/ VFI News)

“Do not fret because of evildoers, nor be envious of the workers of iniquity. For they shall soon be cut down like the grass, and wither as the green herb. Trust in the Lord, and do good; dwell in the land, and feed on His faithfulness.” - Psalm 37:1-3