Iran’s Currency Falls To Record Low

Iran’s currency fell to a record low against the US dollar on Saturday.

The dollar was selling for as much as 447,000 rials on Iran’s unofficial market on Saturday, compared with 430,500 the previous day, according to the foreign exchange site Bonbast.com.

The rial has lost 29 per cent of its value since nationwide protests following the death in police custody of a 22-year-old Kurdish Iranian woman, Mahsa Amini, on September 16.

Iran’s central bank governor Mohammad Reza Farzin on Saturday blamed the fall of the rial on “psychological operations” which Iran says its enemies are organizing to destabilise the Islamic Republic.

“Today, the central bank faces no restrictions in terms of foreign currency and gold resources and reserves, and media deceit and psychological operations are the main factors behind the fluctuation in the free exchange rate.”

The unrest in Iran has posed one of the biggest challenges to the country since the 1979 Islamic Revolution.