Iranian rial hits historic low amid escalation in Middle East

On Tuesday, September 29, the Iranian rial fell to another record low. This was reported by the Associated Press (AP).

The exchange rate of this currency fell to 2.5 million rials per US dollar. This, the newspaper writes, clearly demonstrated how the war in the Middle East is steadily undermining the Iranian economy. The new collapse comes just 27 days after the rial hit its previous record low of 2.2 million to the dollar on September 2.

In early September, it was reported that the Iranian authorities announced a twofold increase in prices for gasoline, which is not covered by benefits, because the budget of this state is suffering from a lack of funds. As a result, from September 8, a liter of gasoline at the third tariff began to cost one hundred thousand rials (about 4-5 US cents, that is, about 4 rubles). Before this, it was about 50 thousand rials per liter.