US Dollar Hits Record High in Iran's Free Market
The Iranian currency, the toman, has dropped to its lowest level in history against the dollar amid US sanctions and high inflation.
In Iran's free foreign exchange market, the dollar exchange rate rose to 240,000 tomans, reaching an all-time high as the toman suffered a major loss of value.
New Record in the Free Market
According to data from websites tracking the country's free foreign exchange market, the selling rate of the dollar in the free market climbed up to the 240,000 toman level.
With these latest developments, the Iranian currency, the toman, has fallen to its lowest level in history against the dollar under free market conditions.
Economic Challenges and Sanctions
This sharp and rapid depreciation of the national currency drew attention within the Iranian economy, which is struggling under heavy US sanctions.
The record increase in the exchange rate coincided with a delicate period when the annual inflation rate in the country rose to around 61.4 percent.
Increase in Food Prices
According to official data released, food prices in the country, where the economic crisis is deepening, registered a massive annual increase of 128.1 percent.