MAR 29, 2024 JLM 65°F 04:41 AM 09:41 PM EST
The Iranian real continues to bleed ...

The Iranian real exchange rate continues to fall against the dollar on the black market. On Thursday, the price reached 285,000 reals for $1!

The rise in the value of the dollar comes despite Iranian President Ibrahim Raisi last month calling on the central bank and the Ministry of Finance to do everything in their power to stop the devaluation of the real exchange rate.

The reason for the sharp rise in the value of the dollar is not clear enough during this period. There is no doubt that this is due to the drop in oil revenues, which were the most important source of foreign exchange in the country in the period before the sanctions, with an export value of $60 billion a year.

The devaluation of the Iranian currency is accompanied by high inflation with over 50% per year, which leads to a decrease in the declining purchasing power of the public.

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