TEHRAN, Iran (AP) – Iran’s rial currency fell to a new low of 1.2 million rials per U.S. dollar on Wednesday. nuclear sanctions pressure on Tehran A sluggish economy.
Traders offered the new exchange rate as previous attempts to restart negotiations between the United States and Iran over its nuclear program appear to have stalled.
Record lows have increased pressure on food prices, and other costs have made daily life even more difficult for Iranians. Prices of meat, rice, and other staples of Iran’s diet are soaring.
Meanwhile, people are worried that new fighting will break out between Iran and Israel, and possibly the United States, after the 12-day war in June.
Ali Moshtag, a 53-year-old electrician, said: “Not only will it make life more difficult for ordinary people, but it will also increase public anxiety about whether the government has the funds to maintain and repair its aging infrastructure, with sanctions limiting the inflow of foreign exchange.”
Iran’s economy has been severely affected by international sanctions, especially since US President Donald Trump unilaterally withdrew the US from Iran’s nuclear deal with world powers in 2018. At the time of the 2015 deal, Iran significantly limited its uranium enrichment and stockpiling in exchange for the lifting of international sanctions, and the rial traded at 32,000 rials to the dollar.
After returning to the White House for a second term in January, President Trump renewed his so-called “maximum pressure” campaign targeting sanctions against Iran. he chased again Companies that trade Iranian crude oil, This includes items sold at discounts in China.
In late September, the United Nations reimposed what diplomats called nuclear sanctions on Iran. “Snapback” mechanism. These sanctions would, among other things, refreeze Iranian assets abroad, halt arms deals with Iran, and penalize the development of Iran’s ballistic missile program.
