Iran: the rial hits its lowest level since the start of the economic crisis

A street money changer as he counts banknotes in a commercial district in downtown Tehran, Iran, on December 23, 2022. AP - Vahid Salemi

Text by: RFI Follow

1 min

The Iranian currency hit its lowest level, further deepening the country's economic crisis.

And this, one hundred days after the death of the young Iranian Kurdish Mahsa Amini, who died in custody by the morality police and the demonstrations that followed.

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With our correspondent in Tehran,

Already hit by American sanctions, the Iranian economy has experienced a real crisis since the start of the protests.

The Iranian currency has lost more than 25% of its value against the dollar and the euro since mid-September.

This sharp drop in the Iranian currency causes galloping inflation, resulting in a significant drop in the purchasing power of Iranians, especially the poor and middle classes.

According to the latest figures, inflation has now reached 50% and that of everyday consumer goods more than 70%.

This is a hard blow for households who are seeing prices increase week after week.

All sectors affected

All sectors of the economy are affected.

According to several Bazaar merchants, sales have fallen by 50 to 60% compared to September due to the political climate and the feeling of insecurity.

Online sales were also strongly affected due to restrictions on the internet, especially on Instagram.

Finally, the tourism sector has been hit hard.

Travel to Iran fell by 90% and travel abroad by 60%.

Similarly, all tourist tours in Iran itself have been canceled or almost, which represents a considerable loss for hotels, restaurants or transport.

►Also listen: Iran: the street is also rising against an economy in crisis

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