Monday, April 8, 2024

Iranian rial collapses, 'loses 30% of value' - reports

Yesterday, a sharp crash in the value of the Iranian Rial was reported, with some sources reporting that one USD would now be worth over 660,000 Iranian Rials in some unofficial markets.

Others stressed that the already weak currency suffered a blow, leading to the loss of 30% of its worth overnight, despite the regime’s official digits showing no major changes.

One member of the Majlis (the Iranian parliament) demanded to know from chair Mohammad Baqer Qalibaf which steps the authorities are going to take. He called on the parliament to meet with the governor of the country’s central bank and wondered, “If we don't have money, why are we printing more? And if we do have money, why is it so costly?”



Qalibaf answered that they are “aware of the situation and will hold meetings inshallah,” sparking a wave of disappointed and sarcastic comments.

One user commented ironically, “Oh, you're going to hold a meeting? Bulls**t.” Another user uploaded a video showcasing the Rial's loss of buying power, showing how a 50,000 Rial banknote ($1.2) used to be enough to buy 30 eggs only a decade ago, while nowadays it suffices to buy only one single egg. READ MORE