Iran's currency hits record low as US moves to unveil new sanctions
TEHRAN: Iran's currency plunged to a record low on the open market Monday, hours before the US announcement of a new wave of sanctions aimed at further isolating Tehran, reported Xinhua.
Iran's currency, the rial, plummeted to an unprecedented low on Monday, just hours before the United States announced new sanctions designed to further isolate the country, according to Xinhua. The rial plummeted to 2.02 million against the US dollar upon the opening of currency markets, while the official exchange rate set by Iran's Central Bank stood at approximately 1.5 million rials per dollar.
The currency had already been under pressure prior to the joint US-Israeli attacks on February 28, and has continued to plummet due to nearly six months of conflict, which has further strained Iran's economy. US Treasury Secretary Scott Bessent warned on Monday of an "economic D-Day" for Iran, announcing what he described as an "economic onslaught against Iran's financial connections around the globe."
The new sanctions, as outlined by the Treasury Department, target five key sectors: digital assets, technology, gold, aviation, and shipping.
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Also reported by 1 other outlet
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