08:18 PM 01:18 PM EST JUN 3, 2023 JLM 67°F
What did the Iranians rush to buy - and why?

This video was shot today in Iran and shows consumers attacking one of the supermarkets on edible oil. This comes after authorities surprisingly announced price increases of up to 300% for products like oil, eggs and chicken. Customers all over Iran emptied the shelves and took advantage of the hours before the new prices went into effect.

All this is happening when in the last week the Iranian real reaches a low point during the time of President Raisi - about 307,000 for $1. 

The decline in the exchange rate is explained by the stuck nuclear negotiations as well as the central bank's announcement of the cancellation of one of the exchange rates for trade purposes.

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