Iran’s currency in freefall as US dollar hits 2 million
"If the people are hungry and we lack financial turnover, economic growth, and national production, we will not survive," Iran's Speaker of Parliament said
For the first time in history, the US dollar has reached 2 million rials as the Iranian currency depreciates in the face of war.
Last week, the dollar was trading at 1.865 million rial, meaning this week's valuation is a nearly 7% fall in value.
During the same period last year, the rial was trading at around 958,000 to the dollar, which represents a depreciation of over 50%.
This comes as Iranian officials warned that the economy was on the verge of collapse. On Saturday, the Iranian Speaker of Parliament, Mohammad Ghalibaf, acknowledged the scale of economic vulnerability, saying "No matter how much military power we possess, if the people are hungry and we lack financial turnover, economic growth, and national production, we will not survive."
On Sunday, Iranian President Masoud Pezeshkian attempted to reassure Iranians that their government was working to counter the "economic war" imposed by US President Donald Trump.
“We are striving with all our hearts to overcome inflation, livelihood problems, unemployment, and to secure the future of the people, so that they can live with dignity and pride,” Pezeshkian told Iranians in a televised address.