Iran’s currency has fallen to a new record low, plunging to 600,000 to the dollar for the first time
DUBAI, United Arab Emirates — Iran’s currency fell to a new record low on Sunday, plunging to 600,000 to the dollar for the first time as the effects of nationwide anti-government protests and the breakdown of the 2015 nuclear deal continued to roil the economy.
Iranians have formed long lines in front of exchange offices in recent days, hoping to acquire increasingly scarce dollars. Many have seen their life savings evaporate as the local currency has deteriorated. Inflation reached 53.4% in January, up from 41.4% two years ago, according to Iran’s statistics center.
The dire economic conditions have contributed to widespread anger at the government, but have also forced many Iranians to focus on putting food on the table rather than engaging in high-risk political activism amid a fierce crackdown on dissent.
Iran’s currency was trading at 32,000 rials to the dollar when it signed the 2015 nuclear accord with world powers. The agreement lifted international sanctions in return for strict limits on and surveillance of its nuclear activities.
The agreement unraveled when then-President Donald Trump unilaterally withdrew the U.S. from it and restored crippling sanctions. Iran responded by ramping up its enrichment of uranium, and now has en