Iran rial crashes to record 1.8 million per dollar

Iran’s national rial currency hit a record low on Wednesday of 1.8 million to $1 as a shaky ceasefire with the US and Israel still holds. The rial had remained stable for weeks during the war, which began Feb 28, in part because there was little trading or imports coming into the country.

The rial began to slide two days ago, hitting the record low on Wednesday. Experts warn the fall of the



rial is likely to further fuel inflation in a country where many imported goods, from food and medicine to electronics and raw materials, are affected by the dollar rate.

The war is now in a ceasefire, but a US blockade has continued to increase pressure on Iran’s already-battered economy, cutting into a key source of government revenue and hard currency by stopping or intercepting oil shipments.