Iran is facing multiple crises at home as Israel’s Western allies pile on the pressure and threaten more sanctions.
By Maziar Motamedi
Tehran, Iran – Iran’s currency has been sharply depreciating again as European powers push to reinstate United Nations sanctions against the country amid stalled diplomacy and fears of war with Israel and the United States.
The US dollar hit a price of more than 1.06 million rials in Tehran’s open currency market on Monday, slightly higher than before Tehran and Washington started mediated negotiations in April.
The Iranian government and central bank have once again said the sharp decline of the embattled national currency is not due to a fall in economic activity, and rather reflects a psychological reaction to deteriorating political conditions.
