Following the announcement by the Americans and the French that there is a crisis in the nuclear talks between Iran and the six powers, the Iranian real is crashing in the unofficial foreign exchange markets across the country - and today (Saturday) it is trading at around 300,000 Iranian reals for one dollar.
This is the lowest exchange rate since former US President Donald Trump withdrew from the nuclear deal in 2018, an action that led to a major economic crisis that plagued the country following the sanctions imposed on it.
The regime-affiliated Noor News news agency claimed that the decline in exchange rates was the result of an "anti-Iranian conspiracy by foreign speculators and currency traders", but the timing of the decline indicates that there are internal fluctuations in the Iranian market. The country will be delayed or even dropped from the episode altogether following the failure of the talks in Vienna.
Iranian President Ibrahim Raisi (Archive), Photo: AFP
Meanwhile, the continuing decline in the value of the currency triggers a destructive process of inflation that causes a dramatic rise in prices.
Government intervention in the food and housing market causes a shortage that is well felt in the market.
Yesterday there was a shortage of chicken and meat products in most markets in the capital Tehran, and the price of sugar in the country has risen by 76% since October, causing a shortage of sugar at a subsidized price in the markets.
The price of rice has risen by 60% since last year.
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