The collapse of the Iranian riyal
A new financial meltdown Iran on Wednesday, where the Iranian riyal fell to a record high of about 146 thousand riyals to the dollar, two days after the rapid collapse, reflecting the extent of the crisis reached by the country.
The Iranian riyal was Tuesday to 138 thousand dollars against the US dollar, after it was traded, on Monday afternoon in the free market, one dollar for 130 thousand riyals..
The currency was volatile for several months due to weak economy, financial difficulties faced by local banks, growing demand for the dollar from the Iranians as the economic situation deteriorated, and the United States stepped up sanctions against Tehran.
Iranians fear shrinking exports of oil and other commodities as a result of Washington’s withdrawal from the nuclear deal in 2015 and the re-imposition of US sanctions on Tehran.
For months, the country has been witnessing popular protests against regime policies that have plunged the country into suffocating economic crises that the security tried to suppress, but that did not prevent the continuation of the demonstration.