What happened
The Iranian rial has hit an all-time low, with its value dropping to 2.548 million rials per one US dollar. This marks a significant decline in the currency's value over the past year, with a loss of over half its value.
The economic crisis in Iran has been exacerbated by a combination of factors, including a US naval blockade, intensified bombing campaigns, and renewed sanctions. The blockade, which was reimposed in July, has resulted in a significant decline in Iran's oil exports, stripping the country of much-needed revenue.
The effects of the economic crisis are being felt by ordinary Iranians, with many struggling to afford basic necessities and life-saving medication. The Iranian government has reported year-on-year inflation of 83.8% in September, down from 84.4% in August.
The US government has attributed the decline in the rial's value to the success of its economic pressure campaign against Iran. Secretary of State Marco Rubio has described the situation as an economic
