Iran’s currency hit an all time record low this Monday, February 20th. In the open market, the U.S. dollar is now equivalent to 500,000 rials (50,000 tomans). As Iran enters this hard recession just a month before the Persian new year Norooz celebrations, recent reports of the Islamic Republic’s oil revenues show a contrasting increase in profits. Growing sanctions on Iran, global inflation and oil prices under Raisi’s versus Rouhani’s presidency can help explain this crash. Additionally, according to reports by the World Bank, Iran has about 120 billion dollars in foreign exchange reserves and 7 billion dollars in foreign debt.
The cartoon of the week is “Economy” by Musa Gumus. Source: CartoonMovement.